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Gas prices continue to drop as demand remains low; Kentucky average falls to $3.38 per gallon


This week the national average for a gallon of regular gasoline has fallen by three cents to $3.76, while the Kentucky average also fell three cents, now $3.38.

According to new data from the Energy Information Administration, gas demand rose slightly from 8.68 million b/d to 8.93 million b/d last week, and total domestic gasoline stocks decreased from 209.4 million bbl to 207.9 million bbl. Although gasoline demand is up slightly, it remains nearly 400,000 bbl lower than this same time last year. Fluctuating oil prices and low demand are contributing to the national average moving downward. If demand remains low, as oil prices slide, drivers should see pump prices come down through the weekend.

At the close of Wednesday’s formal trading session, West Texas Intermediate increased by $1.17 to settle at $89.08. A lower dollar has helped to push crude prices up as the week went on. However, the price of oil declined earlier in the week due to ongoing market concerns regarding the likelihood of a recession occurring. If economic growth stalls or declines, crude demand is likely to follow suit alongside prices.

(NKyTribune file)

The national average pump price for a gallon of regular gasoline decreased another 6 cents over the past week, falling back to $3.76. Today’s national average of $3.76 is the same as a month ago and just 37 cents more than a year ago.

Kentucky’s average for a gallon of regular is now $3.38, dropping a penny overnight, 6 cents lower on the week but still 3 cents higher compared to a month ago. A year ago, the average in Kentucky was $3.11.

Lexington’s average is now at $3.33, steady overnight and 4 cents less than a week ago, but still 9 cents higher than a month ago. A year ago, the Lexington average was $3.08.

In Northern Kentucky, Covington is at $3.66, down a penny overnight, 8 cents lower on the week, but still 5 cents higher on the month. A year ago, Covington was at $3.08.

In Eastern Kentucky, motorists in Morehead are seeing the gas price average $3.59, which is stable overnight, a penny higher on the week, and also a penny higher on the month. A year ago, the average price in Morehead was $3.15. Those in Hazard are seeing the gas price average at $3.55 today, stable overnight, but a penny higher on the week and 1 cent higher on the month. A year ago, the average in Hazard for a gallon of regular was $3.16.

Pikeville is at $3.23 today, steady overnight, 8 cents lower on the week and 24 cents lower on the month. A year ago, the average in Pikeville was $3.10. Ashland is at $3.40 today, steady overnight, steady on the week and 7 cents lower on the month. A year ago, the price in Ashland was $3.12.

Around the Commonwealth, the highest gas prices remain primarily in the northern and near eastern tiers of counties. The highest county-level average gas price today is in Pendleton, 8 cents lower than last week, now $3.81. The cheapest spot for gas in the commonwealth today can be found in Simpson County at $3.10, followed by Green County at $3.11.

Checking nearby, the average price for a gallon of regular today (and change compared to a week ago) in Ohio is at $3.65 (-0.06), West Virginia $3.54 (-0.01), Virginia $3.49 (-0.05), Tennessee $3.33 (-0.01), Indiana $3.84 (-0.13), Illinois $4.16 (-0.10) and Missouri $3.37 (-0.06).

Across the nation, the high spot remains California at $5.61, which is down 22 cents from last week, followed by Hawaii at $5.20. The lowest state averages can be found in Georgia at $3.17, followed by Texas at $3.19.

Since last Friday, these 10 states have seen the largest decreases in their averages: Alaska (−29 cents), California (−22 cents), Oregon (−17 cents), Washington (−16 cents), Indiana (−13 cents), Michigan (−13 cents), Wisconsin (−11 cents), New Mexico (−11 cents), Nevada (−10 cents) and Illinois (−10 cents).

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