Report: Kentucky gas price up a penny in the past week

National average moves up as crude prices increase

LEXINGTON, Ky. (WTVQ/PRESS RELEASE) — Since Monday, AAA reports the national average for a gallon of regular gasoline has increased by four cents to $4.16. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 230.8 million bbl last week. Gasoline demand decreased slightly from 8.87 million barrels per day to 8.74 million barrels per day.

Although lower gas demand would typically push pump prices lower, AAA reports the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

At the close of Thursday’s formal trading session, AAA reports WTI had increased just 2 cents to settle at $102.04, but Friday was seeing steeper climbs. While EIA’s weekly report showed that total domestic crude inventories rose by 700,000 bbl to 414.4 million bbl last week, crude prices have increased because the current level is approximately 16 percent lower than at the end of April 2021. As supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate, pushing pump prices higher.

Friday, the national average for a gallon of regular unleaded sits at $4.16. According to AAA, that’s 2 cents higher than Thursday and 4 cents higher than a week ago, but 8 cents lower than than a month ago and $1.27 higher than prices a year ago at this time.

Friday’s average in Kentucky sits at $3.82, a penny higher than yesterday and also a penny higher than a week ago. According to AAA, Friday’s average is 16 cents less than a month ago, but $1.09 more than last year at this time.

Around the state, Henderson County is the low spot at $3.63, followed by Boyle and Hardin counties at $3.66. Magoffin, Clinton and Elliott counties tie for the highest average at $4, followed by Jefferson and Menifee counties at $3.99.

Checking nearby, AAA reports the average price for a gallon of unleaded Friday in Ohio is at $3.90, West Virginia $3.94, Virginia $3.99, Tennessee $3.88, Indiana $4.03, Illinois $4.03 and Missouri $3.77.

GAS PRICES FROM AAA – April 29, 2022
Average price per gallon of self-serve, regular gasoline
Gas prices provided by AAA, http://gasprices.aaa.com/