Since Monday, the national average for a gallon of regular gasoline dropped 5 cents to $3.73. According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.59 million b/d to 8.73 million b/d last week.
According to the EIA, total domestic gasoline stocks rose by 300,000 bbl to 214.8 million bbl. Although gasoline demand has increased slightly, lower oil prices have led to falling pump prices. If gasoline demand begins to subside, as it typically does post-Labor Day, pump prices will likely continue to decrease.
At the close of Wednesday’s formal trading session, WTI decreased by $4.94 to settle at $81.94. Crude prices have dropped this week amid ongoing market concerns that oil demand will fall if economic growth slows or stalls due to a recession. Crude prices will likely follow suit if demand declines due to reduced economic activity. EIA’s latest weekly report also showed that total commercial crude inventories increased significantly by 8.9 million bbl to 427.2 million bbl last week.
The national average price for a gallon of regular, self-service gasoline has dropped to $3.73, falling 2 cents overnight, down 7 cents on the week and falling 30 cents on the month. A year ago, the average was $3.18.
Kentucky’s average for a gallon of regular gasoline is now $3.38, down a penny overnight, 7 cents lower on the week and just 25 cents lower compared to a month ago. One year ago, the Kentucky average was $2.91.
Around the Commonwealth, the highest gas prices can be found in the northern and eastern tier of counties. The highest county average gas prices today is in Rowan County at $3.79. The cheapest spot for gas in the Commonwealth today can be found in Simpson County at $3.06.
Checking nearby, the average price for a gallon of unleaded today in Ohio is at $3.57, West Virginia $3.69, Virginia $3.51, Tennessee $3.31, Indiana $3.83, Illinois $4.06 and Missouri $3.33.
Across the nation, the high spot continues to be California, with a state average now at $5.34. Hawaii has the second highest statewide gas price average, currently $5.29.
The low state averages are in Texas and Arkansas, both at $3.19.
AAA offers the following advice to help drivers save at the pump:
• A vehicle that’s been maintained will help you maximize your miles per gallon. Make routine vehicle inspections a part of your regular routine. Plus, here’s a step you can take on your own: make sure your tires are properly inflated. Underinflated tires are a drag on fuel economy. Check tire pressure at least every other week preferably weekly.
• Find the shortest route to your destination and map it out before you go to minimize unnecessary turnarounds, idling and backtracking. Avoid peak traffic times because you get zero miles to the gallon when you’re sitting still in traffic. If possible go to “one-stop shops” where you can do multiple tasks (banking, shopping, etc.).
• Fuel economy peaks at around 50 mph on most cars, then drops off as speeds increase. Reducing highway speeds by 5 to 10 mph can increase fuel economy by as much as 14%. Surpassing the posted speed limit is not only against the law and increases the risk of crash severity, but also reduces your gas mileage.
• A car engine consumes one quarter to one-half gallon of fuel per hour when idling, but a warm engine only takes around 10 seconds worth of fuel to restart. Where safe to do so, shut off your engine if you will be stopped for more than a minute. Remember, idling gets you 0 miles to the gallon.
• Use “fast pass” or “express” toll lanes to avoid unnecessary stops or slowdowns on the highway.
• Only use premium gas in vehicles that recommend or require it. Paying for premium gas for a vehicle that takes regular is a waste of money and is of no benefit to the vehicle.
