Kentucky made this week’s top ten list of the nations’s largest weekly gas price changes, while most of the country remained steady. West Central KY prices increased three cents this week to $2.146 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
National gas prices have remained flat, fluctuating by only a couple of pennies for the last 27 days. Today’s average price for regular unleaded gasoline is $2.29 per gallon, which is the same price as one week ago, same price as compared to one month ago and 55 cents more than the same date last year. In mid-March, prices will likely rise as more refiners begin to switch from winter-blend to summer-blend gasoline and driver demand increases.
Ohio (+7 cents), and Kentucky (+3 cents) are among those posting the nation’s largest weekly changes. The latest EIA report shows that regional gasoline stocks increased 358,000 bbl, to 60.087 million bbl, while regional refinery utilization dropped for the third consecutive week. Region pump prices will likely remain volatile in the coming weeks as refiners begin to make the switch from winter-blend to summer-blend gasoline.
The market opened Monday morning posting gains following commitments from the United Arab Emirates and Iran to catch up with their promised production cuts. Continued compliance from OPEC countries has kept crude oil trading higher than last year, but rising U.S. production has placed a ceiling on the market leading to flat prices.
U.S. oil production continues to grow steadily as evidenced by the increasing rig count. Friday, oil field service company Baker Hughes reported that the U.S. added five additional rigs bringing to total rig count to 602. Additionally, according to the most recent EIA weekly status report, U.S. crude oil inventories rose to a total of 518.7 million barrels. Traders will continue to watch the impact that increased U.S. production and inventories have on the market going forward. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was down 46 cents to settle at $53.99 per barrel.
This week’s average prices: Western Central KY Average $2.146
Average price during the week of February 21, 2017 $2.115
Average price during the week of February 29, 2016 $1.654
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.007 Bowling Green
$2.169 Elizabethtown
$2.385 Louisville
$2.088 Owensboro
$2.079 Paducah
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
AAA East Central is a not-for-profit association with 82 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.