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Oil price volatility leads to higher gas prices across nation; Kentucky sees 9th largest increase on week

Since Monday, the national average for a gallon of regular gasoline has increased by 3 cents to land at $3.79 at week’s end. According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.93 million b/d to 8.66 million b/d last week.

But at the same time, total domestic gasoline stocks decreased by 1.3 million bbl to 206.6 million bbl. Tighter supply and fluctuating oil prices have put upward pressure on gasoline prices. Pump prices could continue to increase if supply remains tight alongside rising oil prices.

At the close of Thursday’s formal trading session, West Texas Intermediate fell by $1.83 to settle at $88.17, but Friday saw WTI creeping back upward. Crude prices rose midweek after the EIA reported that total domestic crude stocks declined by 3.1 million bbl last week. However, the price of oil faced strong headwinds earlier this week as ongoing market concerns regarding the likelihood of a recession increase. If economic growth stalls or reverses course, crude demand is likely to follow suit alongside prices.

(NKyTribune file)

The national average pump price for a gallon of regular gasoline increased 3 cents over the past week, rising to $3.79. Today’s national average of $3.79 is a penny lower than a month ago and just 38 cents more than a year ago.

Kentucky’s average for a gallon of regular is now $3.49, climbing 11 cents from a week ago, one of the largest week-over-week increases in the nation. Today’s average in Kentucky is 8 cents higher compared to a month ago. A year ago, the average in Kentucky was $3.12.

Lexington’s average is now at $3.38, steady overnight and 5 cents higher than a week ago and 5 cents higher than a month ago. A year ago, the Lexington average was $3.07.

In Northern Kentucky, Covington is at $3.88, soaring 8 cents overnight, 22 cents higher on the week, and 12 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 $3.14.

Around the Commonwealth, the highest county-level average gas price today remains Pendleton County at $3.99. The cheapest spot for gas in the commonwealth today can be found in Bell County at $3.07.

Checking nearby, the average price for a gallon of regular today (and change compared to a week ago) in Ohio is at $3.88 (+0.23), West Virginia $3.59 (+0.05), Virginia $3.49 (no change), Tennessee $3.29 (-0.04), Indiana $4.17 (+0.33), Illinois $4.33 (+0.17) and Missouri $3.37 (no change).

Across the nation, the high spot remains California at $5.47, while the lowest state averages can be found in Georgia at $3.13, followed by Texas at $3.17.

Since last Friday, these 10 states have seen the largest increases in their averages: Indiana (+0.33), Wisconsin (+0.30), Michigan (+0.26), Ohio (+0.23), Illinois (+0.17), Florida (+0.14), Delaware (+0.12), Maine (+0.12), Kentucky (+0.11) and New Hampshire *+0.09).

These 13 states have had the largest decreases in their averages: California (-0.14), Alaska (-0.13), Oregon (-0.12), Washington (-0.09), Wyoming (-0.09), Nevada (-0.08), Montana (-0.06), Utah (-0.06), Arizona (-0.05) and Colorado, Georgia, Louisiana and Nebraska (-0.05).

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