At $2.46, the national gas price average is more expensive on the week (+4 cents), the month (+16 cents) and the year (+2 cents).
February 6 was the first time in 340 days the national average was more expensive than a year ago. Nearly two-thirds of all state gas price averages are more expensive year-over-year, including Kentucky where prices are a dime higher than this time last year. Pump prices continue to climb, in part due to expensive crude oil and the market’s growing optimism that demand will increase amid the vaccination roll-out.
“Consumers can expect to continue paying more to fill up this month, potentially up to 10 cents more a gallon, depending on how high crude goes,” said Lori Weaver Hawkins, public and government affairs manager, AAA Blue Grass. “If demand grows, that will further fuel pump price increases.”
The AAA Daily Fuel Gauge Report is the most comprehensive U.S. gas price survey available from any source. More than 100,000 self-serve stations are surveyed daily in compiling the not-for-profit’s report, compared to other price-reporting sources that rely on customer input or surveys from only a limited number of stations.
Weaver Hawkins reminds that motorists can find current gas prices along their route with the not-for-profit’s free AAA Mobile app for iPhone, iPad and Android. Motorists can also get an estimate of gas costs when planning a trip.
The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile. AAA’s reported gas prices reflect what is actually paid at the pump and are not dependent on customers reliably reporting prices or based on only a small sampling of pumps.
Crude oil increased last week up to $56 a barrel following the Organization of the Petroleum Exporting Countries’ (OPEC) decision to keep their production cuts unchanged—a decision influenced by the ongoing impact of the pandemic on gasoline demand. Crude has not been priced this high since January 2020. Typically, it can take a few weeks before pump prices see the impact of more expensive crude, and with crude accounting for more than 50% of the retail price, increases are no doubt going to continue.
On the week, 46 state gas price averages are more expensive, with 13 states seeing a nickel or more increase, including Kentucky at 6 cents higher. Motorists in Florida (+11 cents), Michigan (+11 cents) and West Virginia (+10 cents) saw the largest weekly increases.
Today’s average of $2.31 in Kentucky is 6 cents higher than last week and 11 cents more than a month ago. Today’s gas price in Kentucky is now a dime higher than the Commonwealth’s average of $2.21 seen a year ago. That’s the story this week across many parts of the Bluegrass.
In Lexington, the average price is still rising rapidly, up 14 cents from last week to land at $2.36. That’s 9 cents higher than a month ago
Surrounding communities have also seen gas prices rise in the past week, some by nearly 20 cents. In Nicholasville, the average price is up 11 cents, now at $2.30. Georgetown is up 19 cents, now averaging $2.39. Versailles is up 11 cents to land at $2.39, while Winchester is up 19 cents to land at $2.39. Richmond is up 11 cents, landing at $2.38.
Owensboro remains the community with the lowest price in Kentucky at $2.20. The Huntington-Ashland area surpasses Louisville as the high spot in the Commonwealth, soaring 26 cents since last week to land at $2.49.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
From AAA of the Bluegrass