Gas prices decreasing again after significant increase; state now ranks 7th for lowest gas prices in the United States.
In recent news, the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) announced a plan to increase oil production next month by over 400,000 barrels a day. This decision has led to a drop in the price of crude oil, which is a positive sign for consumers.
The impact of this decrease can be seen at the pump, as the average price of gasoline has been falling. According to AAA, the national average for a gallon of regular gasoline currently stands at $3.22, a decrease of 4 cents from a week ago, but 14 cents above the average price a month ago.
In the United States, gasoline production decreased last week, averaging 8.9 million barrels per day. However, this decline has not significantly affected the overall supply, with total domestic gasoline supply decreasing from 237.6 million barrels to 236.0. U.S. crude oil inventories, on the other hand, have increased by 2.6 million barrels from the previous week, indicating a shift in the market dynamics.
The price of gasoline varies across the nation, with some states offering lower prices than others. As of now, the top 10 least expensive gasoline markets are Mississippi ($2.73), Tennessee ($2.75), Oklahoma ($2.77), Louisiana ($2.81), South Carolina ($2.81), Texas ($2.82), Kentucky ($2.84), Alabama ($2.84), Arkansas ($2.84), and Kansas ($2.87). Interestingly, Kentucky, which currently has the 7th cheapest gas in the nation, has seen its gas price average drop in several metro areas. For instance, Covington's gas price average dropped 9 cents, landing at $3.04, making it the only larger metro area averaging above the $3 mark this week. Meanwhile, Lexington saw a 31-cent climb, but it dropped about 8 cents on the week.
In Kentucky, the price of gasoline varies significantly from county to county. The top 10 least expensive gasoline markets by county are Bell ($2.58), Hardin ($2.62), Taylor ($2.63), Carter ($2.64), Logan ($2.65), Simpson ($2.66), Green ($2.67), Barren ($2.67), Metcalfe ($2.67), and Daviess ($2.67). On the other hand, the most expensive gasoline markets in Kentucky include Carroll ($3.11), Kenton ($3.10), Boone ($3.07), Campbell ($3.06), Magoffin ($3.03), Pendleton ($3.03), Lewis ($3.01), Jefferson ($2.99), Rockcastle ($2.98), and Owen ($2.98).
While the price of gasoline is a concern for many consumers, AAA offers several gas-saving tips. These include regular car maintenance, properly inflated tires, knowing your octane, avoiding idling, observing the speed limit, driving sensibly, planning your trip, minimizing drag, and avoiding unnecessary items in the car. AAA also advises not using drive-up windows to avoid idling, and to let the car idle for more than 10 seconds uses more gas than shutting it off and restarting.
It's important to note that aggressive driving (speeding, rapid acceleration, and braking) wastes gas and can lower fuel efficiency by 33 percent at highway speeds and by 5 percent around town, according to AAA. Therefore, driving sensibly can help consumers save money on fuel.
In conclusion, the recent drop in oil prices and the subsequent decrease in gasoline prices are good news for consumers. However, it's essential to continue following gas-saving tips to maximise savings at the pump.
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