(WKYT) – Kentucky drivers had a short break from steep gas prices last month. Now they’re back up, with Lexington averaging $3.78 per gallon and the national average topping $4.
Lexington’s average is lower than the national average of $4.07, but both figures are up significantly from $3.15 one year ago today. AAA says drivers are paying 20 cents more than they were one month ago.
Lori Weaver Hawkins, public affairs manager for AAA Bluegrass, said the figures are abnormally high for this time of year. Typically, gas prices begin to fall near Labor Day as summer travel slows, fewer people are on the roads, and gasoline refiners switch to cheaper winter blend fuels.
“As far as those big summer road trips, those start to taper off, kids go back to school, and we usually see gas prices start to come down as well,” Weaver Hawkins said.
So far this year, those seasonal factors have not been enough to bring prices down.
Weaver Hawkins said a break in the ceasefire deal over the war in Iran is the main driver behind the current elevated prices. The last time prices stayed above $4 in mid-August was 2022, when Russia’s war on Ukraine escalated.
“We saw gas prices remain over that $4 mark through the 10th of August before they started to taper off,” Weaver Hawkins said.
Relief may be ahead
Weaver Hawkins said energy forecasters are predicting a drop in oil demand, which is directly correlated with gas prices. She said crude oil prices have dipped in recent days as a result, but are still selling at about $80 a barrel.
“That’s primarily because these forecasts have come out saying that the demand is expected to be a bit softer than originally predicted through at least the end of the year,” Weaver Hawkins said.
She said diesel prices also rise with gas, but she’s less certain the demand shift will have the same impact given diesel’s more specific use.
AAA recommends regular car maintenance, proper tire pressure and gradual acceleration to get the most out of every gallon.