West Central Kentucky gas prices dropped two cents this week coming in at $2.385 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices in the region remain volatile – increasing, stabilizing and decreasing – throughout the Great Lakes and Central states. Heavy refinery maintenance this fall is one the factors that has contributed to the year-over-year hefty price increase.
After nearly two months of straight declines, regional gasoline inventory had an impressive 1.3 million bbl build. Overall, inventory stands 2.5 million bbl below levels this time last year. However, ExxonMobil’s Joliet refinery in Illinois is resuming operations following planned maintenance, which can help to alleviate the differential.
This week’s average prices: Western Central KY Average $2.385
Average price during the week of November 13, 2017 $2.404
Average price during the week of November 21, 2016 $1.952
Average prices of unleaded self-serve gasoline in various areas:
$2.256 Bowling Green
$2.275 Elizabethtown
$2.688 Louisville
$2.369 Owensboro
$2.339 Paducah
On the National Front
After holding steady for nine days, the national gas price average is slowly declining at the start of the Thanksgiving week. At $2.54, today’s national gas price average is two cents less than one week ago and 40 cents more than a year ago. However, the more expensive year-over-year pump price is not stopping Americans from hitting the road for holiday travel.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased $1.41 to settle at $56.55. The price per barrel of crude oil is likely to continue gaining throughout the week after EIA’s latest report showed that crude inputs into refineries, for production of products like gasoline, grew by 250,000 b/d on the week to land at 16.9 million b/d. On the flip side, crude oil inventories ballooned to 1.9 million bbl, but are still lower than where they were at this time last year. Increased oil inventories and domestic crude production, which reached an all-time high at 9.65 million b/d last week, have contributed to growth in crude exports as they rose to 1.12 million b/d.
After recent growth in the U.S. active oil rig count, last week’s count remained unchanged at 738. Recent growth in U.S. oil production may only underscore that other countries, such as the U.S., will continue to fill the void left by other oil producers.
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 81 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.