West Central Kentucky gas prices dropped by nearly nine cents over the week, averaging at $2.264 per gallon, according to AAA East Central’s Gas Price Report.
In many Great Lakes and Central states, drivers are paying as much as five cents less at the pump compared to last Monday. Kentucky was the only state in the region to see pump prices jump last week, and today, gas prices have decreased six cents – the largest decrease of any state in the country on the week.
Adding 1.6 million barrels, the region’s gasoline inventories register at 47.2 million barrels. This is the largest inventory total for the Great Lakes and Central states since mid-October, yet two million barrels below this time last year.
This week’s average prices: Western Central KY Average $2.264
Average price during the week of December 4, 2017 $2.349
Average price during the week of December 12, 2016 $2.142
Average prices of unleaded self-serve gasoline in various areas:
$2.180 Bowling Green
$2.239 Elizabethtown
$2.409 Louisville
$2.270 Owensboro
$2.223 Paducah
On the National Front
The national average price for a gallon of gasoline dropped two cents on the week to $2.46. Looking forward, drivers can expect pump prices to continue to drop heading into the holiday season as supply strengthens and fall gasoline demand weakens. Consumer gasoline demand is registering under 9 million b/d for the second consecutive week, while gasoline inventories increased by nearly 7 million barrels, according to the Energy Information Administration (EIA).
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 67 cents to settle at $57.36. Price volatility kicked into high gear last week for crude prices, amid reports of a potential oil worker strike in Nigeria and financial woes in Venezuela potentially impacting its oil production.
In additional news, this morning, the energy minister for the United Arab Emirates said that non-OPEC and OPEC countries that have agreed to cut production through December 2018 will announce an exit strategy from the production agreement in June 2018. Although the agreement will still be in effect until the end of 2018, early signals about the end of the agreement may give market observers greater confidence in knowing that global crude supply has been curtailed and prices are likely to keep riding high.
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.