The national gas price average topped the $5 threshold Saturday, marking 15 straight days of new record highs. This new national gas price record comes three months after breaking a record that stood for nearly 14 years.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks, which represents supply, decreased by 800,000 barrels to 218.2 million barrels last week.
Meanwhile, gasoline demand grew from 8.98 million-billions a day to 9.2 million-billions a day as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases. This dynamic between decreased supply and increased demand is contributing to rising prices at the pump. This coupled with increasing crude oil prices means that the price of gas will likely remain elevated for the near future.
At the close of Friday’s formal trading session, WTI decreased by $1.44 to settle at $120.67. Crude prices had surged most of the week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns that had previously reduced crude demand.
Crude prices have increased despite EIA reporting that total domestic stocks increased by 2.1 million barrels to 416.8 million barrels last week. The current storage level is approximately 12 percent lower than a year ago, contributing to rising crude prices.
Today’s national average retail price for a gallon of regular, self-service gasoline at $5.00 is up 2 cents overnight, 19 cents in the past week, 60 cents in the past month, and $1.93 higher than one year ago.
Today’s average in Kentucky remains steady from yesterday, still at $4.79. That’s 16 cents higher than where it was one week ago. Today’s average is 63 cents more than a month ago and $1.88 more than a year ago.
The average gas price in Lexington also remains steady from yesterday, still $4.78. Lexington’s current gas price average is up 21 cents on the week. Ashland also remains steady from yesterday, currently $4.80. That’s 19 cents higher than a week ago.
Around the Commonwealth, the highest gas prices can be found near the Ohio border. Campbell County is now at $5, with Grant, Kenton, and Pendleton all at the $4.99 mark. The lowest spot in the Commonwealth today can be found in Bell County at $4.50.
Checking nearby, many states have already surpassed the $5 mark. The average price for a gallon of unleaded today in Ohio is at $5.05, West Virginia $4.90, Virginia $4.83, Tennessee $4.64, Indiana $5.22, Illinois $5.56, and Missouri $4.65.
Across the nation, the high spot continues to be California, now averaging nearly $6.43 a gallon.
The low spots are in Georgia, averaging $4.46, followed by Mississippi and Arkansas, at $4.52. Though considerably lower than the current national average, all these states saw a significant increase on the week.
AAA Blue Grass
