At $3.09, the national gas price average is at its highest of the year with no signs of stopping. That average could increase as much as another nickel leading up to the Independence Day holiday weekend as AAA forecasts a record-breaking 43.6 million Americans will hit the road for a holiday getaway. This year’s Independence Day weekend is defined as Thursday, July 1 through Monday, July 5.
In Kentucky, however, it was a different story as the average gas price dropped another two cents on the week, landing at $2.86. That makes the state’s average the tenth least expensive in the nation. Today’s average in Kentucky is about four cents less than it was a month ago.
While it is typical to see gas prices increase ahead of a holiday, especially during the peak summer driving season, pump price increases as of late have been noticeable.
“Today, 89 percent of U.S. gas stations are selling regular unleaded for $2.75 or more. That is a stark increase over last July 4 when only a quarter of stations were selling gas for more than $2.25,” said Lori Weaver Hawkins, public and government affairs manager, AAA Blue Grass. “Road trippers will pay the most to fill up for the holiday since 2014.”
Today’s average price in Kentucky for a gallon of unleaded is two cents lower than last week and four cents lower than a month ago. Today’s average is now 76 cents higher than the Commonwealth’s average of $2.10 seen a year ago.
With gas prices higher nationwide, and more people planning to enjoy a Great American Road Trip this holiday weekend and throughout the summer, motorists are reminded to keep these tips in mind to conserve fuel:
• Plan ahead to accomplish multiple errands in one trip, and whenever possible avoid high-traffic times of day.
• If you own more than one car, use the most fuel-efficient model that meets the needs of any given journey.
• Remove unnecessary and bulky items from your car. Minimize your use of roof racks and remove special carriers when not in use. It takes more fuel to accelerate a heavier car, and the reduction in fuel economy is greater for small cars than for larger models.
• Minimize your use of air conditioning. Even at highway speeds, open windows have less effect on fuel economy than the engine power required to operate the air conditioning compressor.
• In hot weather, park in the shade or use a windshield sunshade to lessen heat buildup inside the car. This reduces the need for air conditioning and fuel to cool down the car.
The nation’s top 10 largest weekly increases: Utah (+12 cents), Indiana (+11 cents), Oregon (+9 cents), Washington (+9 cents), New Mexico (+8 cents), Alaska (+8 cents), Wyoming (+8 cents), Idaho (+8 cents), Minnesota (+7 cents) and Colorado (+7 cents).
The nation’s top 10 least expensive markets: Mississippi ($2.73), Louisiana ($2.74), Texas ($2.77), Arkansas ($2.79), Alabama ($2.80), Oklahoma ($2.80), Missouri ($2.80), South Carolina ($2.81), Tennessee ($2.84) and Kentucky ($2.86).
At the close of Friday’s formal trading session, West Texas Intermediate (WTI) oil price increased 75 cents to settle at $74.05. Crude prices increased last week due to optimism that vaccine rollout will continue to help crude demand recover. The price of crude crossed the $74 per barrel threshold and prices have not been at this level since October 2018.
Crude prices were bolstered by the Energy Information Administration’s latest report revealing that total domestic crude supplies decreased by 7.6 million bbl to 459.1 million bbl. For this week, another reduction in domestic crude supply could push prices up further after EIA’s next weekly report is released.
AAA Blue Grass
