The national average price for a gallon of gas has increased by two cents to $3.20 over the past week. This rise is largely due to damage from back-to-back storms affecting many parts of the country. Gas prices usually decline during this time of year, but the storms have disrupted this trend.
Hurricanes Helene and Milton are not expected to significantly impact national gasoline supplies. Therefore, any price increase is likely to be temporary. However, the storms will reduce demand in areas with destroyed infrastructure, flooded roads, and power outages.
Internationally, tensions between Iran and Israel are causing fluctuations in oil prices, but there has not been a consistent rise.
Lori Weaver Hawkins, a public affairs manager, stated, “Back-to-back hurricanes are causing regional prices to rise as drivers flock to the few open stations with gas available. But as roads are cleared and power is restored, fueling stations will be re-supplied, so any upward pressure on prices should be fleeting.”
AAA also tracks the average cost of electricity for electric vehicle charging. The current national average is 35 cents per kilowatt-hour at public charging stations.
Recent data from the Energy Information Administration (EIA) shows that gas demand increased from 8.52 million barrels per day (b/d) last week to 9.65 million b/d. Meanwhile, domestic gasoline stocks dropped from 221.2 million barrels to 214.9 million. Gasoline production rose last week, averaging 10.2 million barrels daily.
Currently, the national average gas price of $3.20 is five cents lower than last month and 46 cents lower than last year.
State-by-State Gas Price Trends
Kentucky has seen a notable rise in gas prices this past week, similar to many neighboring states, despite not being directly affected by the storms. Prices in Kentucky stabilized overnight at $2.95, which is 10 cents higher than a week ago and 6 cents higher than a month ago. However, this price is still 32 cents lower than last year. Kentucky now has the 12th lowest gas price average in the country.
In Lexington, gas prices also stabilized, dropping one cent overnight to $2.97. However, this price is 16 cents higher than last week and 4 cents higher than last month. Still, it is 40 cents lower than a year ago.
Jefferson County has the highest average gas price in Kentucky at $3.22, while Simpson County has the lowest at $2.68.
Regional Gas Prices
Across the region, average gas prices include:
Ohio: $3.18 (+10 cents)
West Virginia: $3.12 (+5 cents)
Virginia: $3.13 (+12 cents)
Indiana: $3.25 (+11 cents)
Tennessee: $2.86 (+14 cents)
Illinois: $3.50 (+4 cents)
Missouri: $2.85 (+3 cents)
Tennessee and Missouri are the only neighboring states with lower gas prices than Kentucky.
California has the highest average gas price in the country at $4.66, while Georgia has the lowest at $2.71.
Oil Market Overview
On Wednesday, WTI crude oil prices fell by 33 cents to settle at $73.24 a barrel. The EIA reported a 5.8 million barrel increase in crude oil inventories from the previous week. Currently, U.S. crude oil inventories stand at 422.7 million barrels, which is about 4% below the five-year average for this time of year.
Gas Price Rankings
The ten most expensive gas markets in the U.S. are:
California: $4.66
Hawaii: $4.59
Washington: $4.06
Nevada: $3.90
Oregon: $3.67
Alaska: $3.64
Illinois: $3.50
Utah: $3.48
Idaho: $3.44
Pennsylvania: $3.38
The ten states with the least expensive gas markets are:
Georgia: $2.71
Mississippi: $2.75
Texas: $2.79
Arkansas: $2.80
Oklahoma: $2.81
Louisiana: $2.83
Kansas: $2.84
Missouri: $2.85
Alabama: $2.86
Tennessee: $2.86
AAA Tips for Saving on Gas
Here are some tips from AAA for saving on gas this fall:
Get Your Vehicle Checked: Regular maintenance is essential. Check your vehicle according to the manufacturer’s recommendations.
Maintain Proper Tire Pressure: Under-inflated tires can decrease fuel efficiency by about 3%. Check your tire pressure every two weeks.
Know Your Octane Needs: Only buy mid-grade or premium gas if your owner’s manual recommends it. Most cars run efficiently on regular gasoline.
Avoid Idling: Idling uses more gas than turning off your engine. Restarting your car is more efficient after a short stop.
Follow Speed Limits: Driving over 60 mph decreases fuel efficiency. Using cruise control helps maintain a steady speed.
Drive Sensibly: Aggressive driving wastes gas. It can lower your fuel economy by up to 33% on highways.
Plan Your Trip: Efficient route planning can save time and fuel.
Minimize Drag: Carrying heavy loads and using roof racks can reduce fuel efficiency. Consider placing items inside your trunk instead.
By following these tips, drivers can save money and improve their fuel economy as they travel this fall.
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