AAA says gas prices are trending down despite inflation increase
LEXINGTON, Ky. (WKYT) - Inflation hit a new 40-year high Wednesday. It’s now at 9.1%.
Despite the rise, gas prices are trending down. In Lexington, AAA says the average price of gas per gallon is down 50 cents, since hitting an all-time high.
Normally, summer brings an increase in demand for gas which typically also means an increase in price at the pump. However, prices are actually going down.
The national average dropped 12 cents since last week and Kentucky has seen the fourth largest drop in the nation this week. The average gas price in Kentucky, as of Thursday, is $4.28 per gallon. That’s down 18 cents since last week.
“As of this week, we’re starting to see now that demand taper off a bit and we’ve also seen supply go up.” said Lori Weaver Hawkins, manager, public & government affairs, AAA Blue Grass. “So, that’s definitely working in the favor of keeping those pump prices on the decline.”
Hawkins explained that while prices are down, they’re still not great compared to where they were last year and two years ago. So, AAA has some recommendations on how drivers can save on gas.
- Some tips include avoiding driving at peak traffic times because you get zero miles to the gallon while sitting in traffic.
- Visit one-stop shops where you can do multiple tasks in one location when possible.
- Check your tire pressure regularly as underinflated tires are a drag on fuel economy and avoid speeding, because not only is it illegal but it also reduces your gas mileage.
Copyright 2022 WKYT. All rights reserved.