Gas Prices Rise 4 Cents Nationally to $3.12 as Summer Blend Arrives
The national average for a gallon of gas has risen by about 4 cents over the past week, reaching $3.12. This increase comes as the U.S. switches to summer-blend gasoline, which is more expensive to produce. Gasoline production has increased, averaging 9.6 million barrels per day. However, demand has decreased slightly to 8.81 barrels per day, with total domestic gasoline supply also dropping to 240.6 million barrels. U.S. crude oil inventories have risen by 1.7 million barrels, totalling 437.0 million barrels. The nation's top 10 most expensive gasoline markets remain California at $4.64 and Hawaii at $4.53. Meanwhile, the least expensive markets include Mississippi at $2.66 and Kentucky at $2.70. Locally, Lexington's average gas price held steady at $2.63, while Kentucky's average rose a penny to $2.70. The national average gas price increase is largely due to the seasonal switch to summer-blend gasoline. While production has risen, decreased demand and supply have also played a role. Oil prices closed at $68.07 a barrel on Thursday. Motorists can expect varied prices across the country, with some states paying significantly more than others.
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