Since Monday, the national average for a gallon of regular gasoline has fallen 11 cents to $4.41. According to new data from the Energy Information Administration (EIA), gas demand increased from 8.06 million barrels a day to 8.52 million barrels a day last week. However, the rate is 800,000 barrels a day lower than last year and is in line with demand during the middle of July 2020, when COVID-19 measures curbed demand.
Additionally, total domestic gasoline stocks increased by 3.5 million barrels to 228.4 million barrels, signaling that low demand led to growth in inventory last week. If gas demand remains low as stocks increase, alongside a continuing reduction in crude prices, drivers will likely see pump prices decline.
(NKyTribune file)
At the close of Thursday’s formal trading session, WTI decreased by $3.53 to settle at $96.35. Crude prices have declined this week as the market continues to worry that weakening demand, which was expected to remain robust throughout the summer, could continue to push prices lower. Additionally, EIA reported that total domestic crude stocks decreased by 500,000 barrels to 426.6 million barrels last week, just over 13 million barrels lower than the storage level in mid-July 2021.
The national average price for a gallon of regular, self-service gasoline has dropped to $4.41, falling 3 cents overnight, down 16 cents on the week and falling 54 cents on the month. One month ago, the national gas price average was at $4.95, but the average was $3.15 a year ago.
Kentucky’s average for a gallon of unleaded is now $4.06, down 3 cents overnight, 19 cents lower on the week and 64 cents lower compared to a month ago. The average for Kentucky a year ago was $2.90.
The average gas price in Lexington is now at $4.23, down 3 cents overnight, 18 cents lower on the week and 50 cents lower on the month. Last year, the average price for unleaded in Lexington was $2.92.
Ashland’s gas price average is now at $4.49, down a nickel overnight, 10 cents lower on the week and 29 cents lower on the month. Ashland’s average was $2.93.
Around the commonwealth, the highest gas prices can be found in the northern and northeastern tier of counties. The highest average gas prices today is in Boyd County at $4.52, followed by Elliott and Pendleton counties, both at $4.49. The cheapest spot for gas in the commonwealth today can again be found in Knox County at $3.65, followed by Simpson County at $3.69.
Checking nearby, the average price for a gallon of unleaded today in Ohio is at $4.23, West Virginia $4.52, Virginia $4.18, Tennessee $3.99, Indiana $4.44, Illinois $4.89 and Missouri $4.10.
Across the nation, the high spot continues to be California, now at $5.78, a 17-cent drop on the week. Hawaii has the second highest gas price average, currently $5.55, dropping just 4 cents on the week.
The low spots are in South Carolina and Texas, both at $3.92.
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