Since Monday, the national average for a gallon of regular gasoline has decreased by six cents to $4.92. The Energy Information Administration did not release gasoline demand/supply and domestic oil inventory data this week due to what was described as “system” issues. However, if gas demand continued its downward trend from the previous week, it likely contributed to lower prices at the pump this week, along with the falling cost of oil.
At the close of Thursday’s formal crude oil trading session, West Texas Intermediate fell by $1.92 to settle at $104.27 per barrel. Crude prices have dropped this week amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit.
(NKyTribune file)
Friday’s national average price for a gallon of regular, self-service gasoline at $4.92 is two cents lover overnight, down eight cents in the past week, but 33 cents higher on the month and $1.85 higher than one year ago.
Kentucky’s average price per gallon rests at $4.66, nine cents lower than where it was one week ago. Friday’s average is 37 cents more than a month ago and $1.80 more than a year ago.
The average gas price in Lexington is down two cents from yesterday, trending slightly higher than the state average at $4.69. Lexington’s current gas price average is down six cents on the week. Ashland’s average gas price is down a penny overnight, currently $4.76. That’s 3 cents lower than a week ago. (see further data in chart below).
Around the commonwealth, the highest gas prices can be found in northern and eastern Kentucky. The highest average gas prices can be found in Pendleton County at $4.97, followed by Kenton at $4.92 and Boone at $4.90. The cheapest spot for gas in the commonwealth today can be found in Simpson County at $4.27.
Checking nearby, the average price for a gallon of unleaded today in Ohio is at $4.91, West Virginia $4.87, Virginia $4.75, Tennessee $4.54, Indiana $5.05, Illinois $5.46 and Missouri $4.63.
Across the nation, the high spot continues to be California, now averaging 8 cents lower than a week ago at $6.34 a gallon.
The low spots are in Georgia, averaging $4.42 after a 7-cent drop on the week, followed by Mississippi at $4.44, another 7-cent drop.
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