AAA: Fourth of July travelers have something to celebrate at gas pump

LEXINGTON, Ky. — As a record number of drivers hit the road over the extended July 4th holiday weekend, motorists are facing much better gas prices at the pump than in 2022.

Of the 50.7 million Americans expected to celebrate the nation’s birthday by taking a trip, AAA expects more than 43.2 million will be hitting the highways, including nearly 546,000 Kentuckians. The good news? Gas prices  won’t be pinching the pocketbooks of travelers nearly as much as in 2022.

“Gas prices are currently about $1.30 less per gallon than a year ago, which is helping fuel the increased interest in road travel over the 4th of July and throughout the summer,” said Lori Waver Hawkins, public affairs manager, AAA Blue Grass. “The record average high price for gas on July 4th was set last year when the national average for a gallon of regular gasoline reached $4.80. With gas prices averaging well below last year’s record high prices, Fourth of July travelers have something to celebrate at the pump.”

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.38 to 9.31 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 600,000 bbl to 220 million bbl. Lower gas demand amid increasing supply have helped to limit pump price increases. That trend may slow or even reverse as large volumes of traffic expected over the Fourth of July travel period will likely result in a rise in demand going into next week. Despite the expected higher demand, pump prices are not expected to soar toward 2022 levels.

The other factor helping to keep gas prices lower has been the price of crude oil, which makes up more than 50% of gasoline. At the close of Thursday’s formal trading session, WTI climbed 30 cents to land at $69.86 a barrel. While oil prices seemed to be recovering somewhat  after falling nearly $2/bbl on Tuesday, global and domestic economic concerns have helped to keep oil prices hovering right around the $70/bbl mark, another piece of good news for summer travelers.

Gas prices lower ahead of holiday
The small, incremental increases in gas prices seen in Kentucky and around the country in mid-June have mostly reversed, with small downward trends this week.

Today’s national average held steady overnight at $3.54, which is 4 cents lower than one week ago, 3 cents lower than a month ago and $1.31 less than a year ago.

Today’s average in Kentucky is down a penny overnight to $3.28, which is 7 cents lower than one week ago, 5 cents lower than a month ago and $1.29 less than a year ago.

The average gas price in Lexington dropped a penny overnight, now averaging $3.33. Lexington’s current gas price average is 5 cents lower than it was one week ago but just a penny lower than a month ago. Today’s price is $1.31 cents lower than a year ago.

Around the commonwealth, the highest county-level average gas price can be found in Jefferson County, at $3.75. The cheapest county-wide average price of gasoline in the commonwealth can be found in Daviess and Bell Counties, both averaging $2.91, and among seven counties averaging below the $3 mark heading into the long Fourth of July weekend.

Kentuckians should fuel up before Swift concert, road trips

Those heading to the Taylor Swift concert may want to fuel up in Kentucky, with gas prices in Cincinnati and Hamilton County trending higher than Kentucky counties nearby. Cincinnati metro is averaging about $3.36 today, while Hamilton County is averaging $3.41. However, Kentucky’s Boone County is averaging just $3.30, while Grant County is currently at just $3.16. Covington is currently averaging $3.31.

Checking elsewhere nearby for those planning a road trip in the region, the average price for a gallon of regular today in Ohio is at $3.32, West Virginia $3.39, Virginia $3.30, Indiana $3.37, Illinois $3.92 and Missouri $3.27. With an average of just $3.09, popular vacation destination Tennessee is the only state bordering Kentucky with a lower gas price average.

The highest gasoline average price in the country is still Washington state at $4.98, while Mississippi has the lowest average gas price, now at $2.97 and the only state averaging below the $3 mark.

Quick Stats
Since last Friday, these 11 states have seen the largest decreases in their averages: Arizona (−15 cents), Ohio (−12 cents), Indiana (−12 cents), Wisconsin (−10 cents), Illinois (−9 cents), New Mexico (-8 cents), Alaska (-8 cents), Kentucky (−7 cents),  Georgia (−7 cents),  South Carolina (-7 cents) and Florida (−7 cents).

The nation’s top 10 least expensive markets: Mississippi ($2.97), Louisiana ($3.07), Alabama ($3.09), Tennessee ($3.09), Arkansas ($3.11), South Carolina ($3.17), Texas ($3.16), Oklahoma ($3.22), Georgia ($3.22) and North Carolina ($3.24).

GAS PRICES FROM AAA – June 30, 2023
Average price per gallon of self-serve, regular gasoline
Gas prices provided by AAA, http://gasprices.aaa.com/

AAA gas-saving tips for summer travel

Get your vehicle checked out. Perform regular car maintenance at the intervals recommended by the vehicle manufacturer in the owner’s manual or as indicated by the in-car maintenance reminder system. If you have an aging battery, be sure to have it tested before heading out on your trip. Find a AAA Approved Auto Repair Facility here.

Keep tires properly inflated. Under-inflated tires can decrease your gas mileage by approximately 3%. Not to mention, properly inflated tires are safer and last longer. Check pressure in all four tires every two weeks with an accurate, hand-held air pressure gauge.

Know your octane. Do not purchase mid-grade or premium gasoline unless your owner’s manual specifically recommends it. According to AAA research, Americans waste more than $2.1 billion annually on premium gas in vehicles designed to run on regular fuel. AAA found no benefit to using premium gas instead of regular-grade fuel. At the time of the study, 70% of U.S. drivers owned a vehicle that required only regular gasoline.

Avoid idling. Idling gets zero miles per gallon. Letting your vehicle idle for more than 10 seconds uses more gas than shutting it off and restarting. Don’t start your car until you are ready to go. The engine actually warms up more quickly once the car is operating, and will stay warm after stopping. Avoid drive-up windows. Park and go inside instead.

Observe the speed limit.  Gas mileage decreases rapidly at speeds above 60 mph. Each 5 mph you drive over 60 mph is like paying an additional $0.15 per gallon of gas. Using cruise control on the highway helps you maintain a constant speed and, in most cases, will save gas.

Drive sensibly. Aggressive driving (speeding, rapid acceleration and braking) wastes gas. It can lower your gas mileage by 33% at highway speeds and by 5% around town.

Plan your trip. Carefully planning out your road trip can save you time and money. AAA offers a multitude of AAA road trip planning resources. With a little planning, you can avoid retracing your route and reduce the distance you travel as well. You’ll not only save fuel, but also reduce wear and tear on your car.

Minimize drag. Drag reduces fuel efficiency. Driving with the windows open, using roof- or rear-mounted racks and carrying heavy loads increase vehicle drag. A roof rack or carrier provides additional cargo space and may allow you to meet your needs in a smaller, more fuel efficient car. However, a loaded roof rack can decrease your fuel economy by 5%. Reduce aerodynamic drag and improve your fuel economy by using a removable rack and placing items inside the trunk whenever possible. Avoid carrying unnecessary items, especially heavy ones. An extra 100 pounds in the trunk reduces a typical car’s fuel economy by 1-2%.