Since Monday, the national average for a gallon of regular gasoline has increased by 14 cents to $4.76. The average is up 16 cents on the week.
Stocks of gasoline refers to the weekly change in the gas supply situation. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 barrels to 219 million barrels last week.
Meanwhile, gasoline demand grew from 8.8 million barrels a day to 8.98 million barrels a day as drivers fueled up for Memorial Day weekend travel. These supply and demand dynamics have contributed to rising pump prices. Coupled with volatile crude oil prices, this dynamic is likely to keep pump prices elevated as long as demand grows and supply remains tight.
(NKyTribune file)
At the close of Thursday’s formal trading session, West Texas Intermediate increased by $1.61 cents to settle at $116.87. Crude prices have increased amid supply concerns from the market as the European Union works to implement a 90 percent ban on Russian oil imports by the end of this year.
Crude oil prices were also boosted by increased demand expectations from the market after China lifted COVID-19 restrictions in Shanghai. Additionally, EIA reported that total domestic stocks decreased by 5.1 million bbl to 414.7 million bbl last week. As a result, the current storage level is approximately 13.5 percent lower than a year ago, contributing to rising crude prices.
Largest weekly increases:
Since last Thursday, these 10 states have seen the largest increases in their averages: Indiana (+33 cents), Ohio (+31 cents), Illinois (+30 cents), Kentucky (+26 cents), Wisconsin (+26 cents), Michigan (+24 cents), Colorado (+21 cents), New Mexico (+19 cents), Nebraska (+18 cents) and Minnesota (+18 cents).
Friday, the national average for a gallon of regular unleaded was $4.76. That’s 4 cents higher than Thursday and up 16 cents on the week, as well as 56 cents higher than a month ago. Friday’s national average was $1.72 higher than a year ago.
Friday’s average in Kentucky was $4.60, up 4 cents from Thursday and 31 cents higher than where it was one week ago. Today’s average is 77 cents more than a month ago and $1.69 more than a year ago.
The average gas price in Lexington continues to climb, a story that’s been replicated across the Commonwealth. Lexington’s current gas price average is up 36 cents on the week, now at $4.57.
Around the Commonwealth, Oldham County is the high spot at $4.99, followed by Jefferson and Menifee counties at $4.98. The lowest spot in the Commonwealth was in Henderson County at $4.21.
Checking nearby, prices have continued to climb — in some places just as quickly as in Kentucky. The average price for a gallon of unleaded today in Ohio is at $4.79, West Virginia $4.57, Virginia $4.53, Tennessee $4.39, Indiana $4.93, Illinois $5.32 and Missouri $4.36.
Across the nation, the high spot continues to be California, now averaging nearly $6.25 a gallon. The low spots are in Georgia, averaging $4.22, followed by Mississippi at $4.28 and Arkansas at $4.29.
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