When the ball drops on New Year's Eve, so will gas prices in Ky. - Cincinnati News, FOX19-WXIX TV

Kentucky gas prices to be cheaper in 2014

Posted: Updated:
KENTUCKY (FOX19) -

When the ball drops on New Year's Eve, so will gas prices in Kentucky.

While this sounds like good news, cheaper gas may have some drawbacks.

"We need to try and get our economy back up, this might be the way to come back," says Jeremy White.

"In order for it to go down enough for me, it'd need to be about two dollars," explains Datrice Lowry-Kristof.

Nationally, the average price to fill up has been north of three dollars for more than three years. And today, the state average in Kentucky is $3.34.

"When I was growing up it was less than a dollar a gallon, that would be awesome," explains Tara Mahmoud.

"I never thought I'd be excited about $3.00 gas," says David Kristof.

In just a couple days, Kentucky's gas tax on sales of gasoline, diesel, and ethanol will decrease by one and a half cents per gallon due to a drop in the average wholesale fuel price. But some say that won't make a big difference.

"Instead of $3.43, it might drop it down to $3.36," adds Kristof.

Others argue that every cent counts.

"Especially workers with big trucks, big gas tanks, that adds up. The more gallons you put in, the more money you save in the long run," says Jeremy White.

This drop in the gas tax would mean a loss of about $45 million annually to the Kentucky Road Fund -- money that's used to maintain state roads and bridges.

"The roads are not known for necessarily being taken care of," explains Lowry-Kristof.

Some drivers say the good news of this drop in price at the pump could be short lived because there's other ways they'll be paying for it.

"I've had damage done to the front end of my vehicle before because of living in Covington so long and the damage to the street because of the potholes," explains White.

"If it takes away from road construction then that may be a problem as well because then people are going to end up having to buy more tires and things of that nature. For now it seems to be something good," says Tara Mahmoud.

The department of revenue conducts quarterly surveys to determine the average wholesale price of gas to adjust the state's gas tax accordingly.

Copyright 2013 WXIX. All rights reserved.

Powered by WorldNow