Ky. gas prices continue to decline, but drivers still feeling the pinch at the pump

Gas prices have dropped by more than a dime in the past week across Lexington as a slow but steady decline continues.
Published: Jul. 10, 2022 at 11:48 PM EDT
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LEXINGTON, Ky. (WKYT) - Gas prices have dropped by more than a dime in the past week across Lexington as a slow but steady decline continues. But with the average sitting at $4.38 per gallon statewide and $4.50 here in Lexington, drivers are still feeling the pain of going to the pump.

Lori Weaver Hawkins with AAA of the Bluegrass says July is the busiest travel month of the year, but drivers are still seeing a little relief despite the high demand.

”We can expect that demand isn’t gonna wane too much and despite that, we saw crude oil prices dip under $100 so that’s helped prices at the pump keep ticking downward,” said Weaver Hawkins.

Prices in Lexington vary, but people hitting the road now are paying around a quarter less per gallon than they did a month ago.

Weaver Hawkins attributes the drop to demand destruction, which occurs when the price of a product gets so high that consumers find ways to avoid buying the product.

”Today I put in $30 and it only filled up 6 gallons, and my car holds 13,” said Raegan LaPierre, a student at Eastern Kentucky University. “A year ago, $30 would have filled my whole tank.”

Raegan LaPierre had been commuting from EKU to Georgetown for work, but the costs simply outweigh the benefits.

“I was gonna keep my job but there’s no point with the gas price is being so high, going back-and-forth,” LaPierre said. “I’m gonna have to find a new job.”

”I sell oil and gas, I’ve been in it for seven years,” said Blake Sides, who lives in Lexington. “I get three tanks of gas almost every week right now because I drive multiple states.”

With a tank that sends his total into the hundreds, Sides is spending around a thousand dollars every month on gas alone. He’s seen the impact on the inside as well, from clients cutting orders in half because of the price to the company trying to cut down on its own costs.

”My company went from one week delivery to two week delivery, so our customers aren’t so happy about that,” Sides said.

Despite the persistently negative prices, Sides is appreciative of the slight drop we’re seeing and wants to maintain a positive outlook.

“It does hit the wallet hard but we’ll bet on ourselves and hopefully come through it alright,” said Sides.

Weaver Hawkins says that the drop likely won’t last long based on a variety of factors, from the war in Ukraine to potential hazardous weather like hurricanes impacting oil refineries. So, she urges drivers to keep their cars well-maintained and use the proper grade of fuel for your vehicle so that you can maximize your gas mileage.

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