AAA: Gas prices take predictable (short-lived) increase, thanks to back-to-back storms

The national average for a gallon of gas took a not-unexpected jump up by two pennies to $3.20 since last week. The increase came about as large swaths of the country continue to deal with severe back-to-back storm damage, putting a ripple in gas prices that typically see seasonal declines at this time of year.

Like Hurricane Helene, Hurricane Milton will not severely impact national gasoline supplies, and therefore, the national price impact should be short-lived. But the storm will affect demand in storm-ravaged areas with destroyed infrastructure, flooded roads, and power outages.

Overseas, the tension between Iran and Israel continues, which is causing fluctuations in the price of oil but no steady upward movement.

“Back-to-back hurricanes are causing regional prices to rise as drivers flock to the few open stations with gas available,” said Lori Weaver Hawkins, public affairs manager. “But as roads are cleared and power is restored, fueling stations will be re-supplied, so any upward pressure on prices should be fleeting.”

With an estimated 1.2 million AAA members living in households with one or more electric vehicles, AAA tracks the average kilowatt-per-hour cost for all levels of public charging by state. Today’s national average for a kilowatt of electricity at a public charging station is 35 cents.

According to new data from the Energy Information Administration (EIA), gas demand surged from 8.52 million b/d last week to 9.65 million b/d. Meanwhile, total domestic gasoline stocks plunged from 221.2 million barrels to 214.9, while gasoline production increased last week, averaging 10.2 million barrels daily.

The national average for a gallon of gas is $3.20, 5 cents less than a month ago and 46 cents less than a year ago.

Kentucky saw a significant jump in gas prices across the Commonwealth during the past week–as did most of the states bordering it–despite not being in a hurricane-ravaged area. But the climb appears to have slowed as today’s average in Kentucky held steady overnight at $2.95, which is 10 cents higher than one week ago, 6 cents higher than a month ago but still 32 cents less than a year ago. Despite this week’s increases, Kentucky currently has the 12th lowest gas price average in the country.

The average gas price in Lexington also seemed to slow its ascent as it dropped back down a penny overnight, now at $2.97. But Lexington’s current gas price had soared 16 cents higher than one week ago and is 4 cents higher than a month ago. Today’s price is still 40 cents lower than a year ago.

Around the Commonwealth, the highest county-level average gas price can be found in Jefferson County, at $3.22. The cheapest county-wide average price of gasoline in the commonwealth can again be found in Simpson County at $2.68.

Gas prices around the region

Checking elsewhere, the average price for a gallon of regular (and the change in the past week) in Ohio is at $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) and Missouri $2.85 (+3 cents). Tennessee and Missouri remain the only states bordering Kentucky with a lower gas price average.

The highest gasoline average price in the country is California at $4.66, while Georgia has the lowest average gas price, now at $2.71.

Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI fell by 33 cents to settle at $73.24 a barrel. The EIA reports that crude oil inventories increased by 5.8 million barrels from the previous week. At 422.7 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

Quick Stats

The nation’s top 10 most expensive gasoline markets 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), and Pennsylvania ($3.38).

The 10 states with the least expensive gasoline markets in the nation include: 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), and Tennessee ($2.86).

GAS PRICES FROM AAA

AAA gas-saving tips for fall travel

• Get your vehicle checked out. Perform regular car maintenance at the intervals recommended by the vehicle manufacturer in the owner’s manual or as indicated by the in-car maintenance reminder system. If you have an aging battery, be sure to have it tested before heading out on your trip. Find a AAA Approved Auto Repair Facility here.

• Keep tires properly inflated. Under-inflated tires can decrease your gas mileage by approximately 3%. Not to mention, properly inflated tires are safer and last longer. Check pressure in all four tires every two weeks with an accurate, hand-held air pressure gauge.

• Know your octane. Do not purchase mid-grade or premium gasoline unless your owner’s manual specifically recommends it. According to AAA research, Americans waste more than $2.1 billion annually on premium gas in vehicles designed to run on regular fuel. AAA found no benefit to using premium gas instead of regular-grade fuel. At the time of the study, 70% of U.S. drivers owned a vehicle that required only regular gasoline.

• Avoid idling. Idling gets zero miles per gallon. Letting your vehicle idle for more than 10 seconds uses more gas than shutting it off and restarting. Don’t start your car until you are ready to go. The engine actually warms up more quickly once the car is operating, and will stay warm after stopping. Avoid drive-up windows. Park and go inside instead.

• Observe the speed limit. Gas mileage decreases rapidly at speeds above 60 mph. Each 5 mph you drive over 60 mph is like paying an additional $0.15 per gallon of gas. Using cruise control on the highway helps you maintain a constant speed and, in most cases, will save gas.

• Drive sensibly. Aggressive driving (speeding, rapid acceleration and braking) wastes gas. It can lower your gas mileage by 33 percent at highway speeds and by 5 percent around town.

• Plan your trip. Carefully planning out your road trip can save you time and money. AAA offers a multitude of AAA road trip planning resources. With a little planning, you can avoid retracing your route and reduce the distance you travel as well. You’ll not only save fuel, but also reduce wear and tear on your car.

• Minimize drag. Drag reduces fuel efficiency. Driving with the windows open, using roof- or rear-mounted racks and carrying heavy loads increase vehicle drag. A roof rack or carrier provides additional cargo space and may allow you to meet your needs in a smaller, more fuel-efficient car. However, a loaded roof rack can decrease your fuel economy by 5 percent. Reduce aerodynamic drag and improve your fuel economy by using a removable rack and placing items inside the trunk whenever possible. Avoid carrying unnecessary items, especially heavy ones. An extra 100 pounds in the trunk reduces a typical car’s fuel economy by 1-2%.

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