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Gas prices hit $5 per gallon nationally, slightly lower in Kentucky

June 18, 2022 | 12:07 am

Updated June 18, 2022 | 12:20 am

Photo by Ryan Richardson

The national average for gas hit $5 per gallon this week (though Kentucky is currently slightly less at $4.76). As the prices have climbed sharply over the last few month, a top question many people are asking is, simply, why are gas prices so high? A variety of factors contribute to the price of gasoline.

An ABC News report recently explained that oil production slowed down significantly as a result of the pandemic, and it wasn’t given the time to fully restore itself before Russia invaded Ukraine. 

As a result of this war, oil shipments from Russia have been cut off. However, Russian crude oil accounts for less than 2% of the United States’ supply, which is a reason why the ban was decided by the government to be feasible. 

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Paired with the decreased supply of oil, the increased demand is playing a large role in the steady price increase as well. According to the Energy Information Administration, demand for gasoline rose from 8.98 million barrels per day to 9.2 million barrels per day last week. 

Demand for gas always increases this time of year, as summer is seen as prime vacation time to many. The gas-price fiasco does not seem to be deterring people from traveling according to Andrew Gross, a spokesperson for the American Automobile Association. 

In fact, if the driving patterns of Americans stay as they usually do through Labor Day, JPMorgan analysts believe prices could rise to $6 across the nation before fall. In other words, drivers shouldn’t expect things to go back to “normal” any time soon. 

To track the how state’s ranking fluctuates in the coming months, you can check this website.

June 18, 2022 | 12:07 am

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