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

Since Monday, the nationwide common for a gallon of normal gasoline has elevated by 3 cents to land at $3.79 at week’s finish. In keeping with new knowledge from the Vitality Info Administration (EIA), gasoline demand dipped barely from 8.93 million b/d to eight.66 million b/d final week.

However on the identical time, whole home gasoline shares decreased by 1.3 million bbl to 206.6 million bbl. Tighter provide and fluctuating oil costs have put upward stress on gasoline costs. Pump costs might proceed to extend if provide stays tight alongside rising oil costs.

On the shut of Thursday’s formal buying and selling session, West Texas Intermediate fell by $1.83 to settle at $88.17, however Friday noticed WTI creeping again upward. Crude costs rose midweek after the EIA reported that whole home crude shares declined by 3.1 million bbl final week. Nonetheless, the worth of oil confronted sturdy headwinds earlier this week as ongoing market issues relating to the probability of a recession improve. If financial development stalls or reverses course, crude demand is prone to comply with go well with alongside costs.

The nationwide common pump value for a gallon of normal gasoline elevated 3 cents over the previous week, rising to $3.79. At this time’s nationwide common of $3.79 is a penny decrease than a month in the past and simply 38 cents greater than a yr in the past.

Kentucky’s common for a gallon of normal is now $3.49, climbing 11 cents from every week in the past, one of many largest week-over-week will increase within the nation. At this time’s common in Kentucky is 8 cents larger in comparison with a month in the past. A yr in the past, the common in Kentucky was $3.12.

Lexington’s common is now at $3.38, regular in a single day and 5 cents larger than every week in the past and 5 cents larger than a month in the past. A yr in the past, the Lexington common was $3.07.

In Northern Kentucky, Covington is at $3.88, hovering 8 cents in a single day, 22 cents larger on the week, and 12 cents larger on the month. A yr in the past, Covington was at $3.08.

In Japanese Kentucky, motorists in Morehead are seeing the gasoline value common $3.59, which is steady in a single day, a penny larger on the week, and likewise a penny larger on the month. A yr in the past, the common value in Morehead was $3.15. These in Hazard are seeing the gasoline value common at $3.55 at this time, steady in a single day, however a penny larger on the week and 1 cent larger on the month. A yr in the past, the common in Hazard for a gallon of normal was $3.14.

Across the Commonwealth, the best county-level common gasoline value at this time stays Pendleton County at $3.99. The most affordable spot for gasoline within the commonwealth at this time may be present in Bell County at $3.07.

Checking close by, the common value for a gallon of normal at this time (and alter in comparison with every week in the past) 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).

Throughout the nation, the excessive spot stays California at $5.47, whereas the bottom state averages may be present in Georgia at $3.13, adopted by Texas at $3.17.

Since final Friday, these 10 states have seen the biggest will increase of 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 biggest decreases of 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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