Despite the literal storm clouds brought by Hurricane Helene and the figurative storm clouds brewing in the Middle East, the national average for a gallon of gas still fell by 4 cents from last week to $3.18.
The devastation wrought by Hurricane Helene did little to impact gasoline supply, but it crushed demand in affected areas by destroying infrastructure and causing power outages.
Meanwhile, the average cost of public EV charging remained unchanged.
Globally, continued tensions between Iran and Israel are fueling fears that a broader war could disrupt oil shipments through the Straits of Hormuz. This has led to oil prices creeping higher.
“Despite the threat of war and a hurricane season that is still percolating, domestic gasoline prices are edging lower. But we are also mindful that oil prices have been trending upward, due in large part to global tensions. That could put a damper on the continued decline of gas prices. Impacts from weather are still also a possibility,” said Lori Weaver Hawkins, public affairs manager, AAA Blue Grass. “But the good news is there are 17 states with averages below $3 a gallon. Meanwhile, OPEC+ is saying, at least for now, they will increase production starting December 1, putting more downward pressure on pump prices.”
With an estimated 1.2 million AAA members living in households with one or more electric vehicles, AAA now 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. Kentucky has the 8th highest cost for kilowatt at 41 cents.
According to new data from the Energy Information Administration (EIA), gas demand plummeted from 9.20 million b/d last week to 8.52. Meanwhile, total domestic gasoline stocks rose from 220.1 million barrels to 221.2, while gasoline production decreased last week, averaging 9.6 million barrels daily. Tepid gasoline demand and low oil costs will likely keep pump prices sliding.
The national average of $3.18 is 4 cents lower than one week ago, 13 cents lower than a month ago and 60 cents less than a year ago.
The average in Kentucky held steady overnight at $2.85, which is 4 cents lower than one week ago, 17 cents lower than a month ago and 53 cents less than a year ago.
The average gas price in Lexington dropped back down a couple of pennies overnight, now at $2.81. Lexington’s current gas price is 12 cents lower than one week ago and 27 cents lower than a month ago. Today’s price is 63 cents lower than a year ago.
Around the Commonwealth, the highest county-level average gas price can be found in Pendleton County, at $3.18. The cheapest county-wide average price of gasoline in the Commonwealth can again be found in Simpson County at $2.51.
Gas prices around the region
Checking elsewhere, the average price for a gallon of regular today in Ohio is at $3.08, West Virginia $3.07, Virginia $3.01, Indiana $3.14, Tennessee $2.72, Illinois $3.46 and Missouri $2.82. 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 Mississippi has the lowest average gas price, now at $2.67.
Quick Stats
The nation’s top 10 most expensive gasoline markets are California ($4.66), Hawaii ($4.60), Washington ($4.02), Nevada ($3.90), Alaska ($3.65), Oregon ($3.64), Utah ($3.49), Idaho ($3.47), Illinois ($3.46), and Colorado ($3.38).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.67), Tennessee ($2.72), Louisiana ($2.74), Alabama ($2.76), Oklahoma ($2.76), Texas ($2.78), Arkansas ($2.80), Missouri ($2.82), Georgia ($2.83), and Kentucky ($2.85).
GAS PRICES FROM AAA – October 4, 2024
Average price per gallon of self-serve, regular gasoline
AAA
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