West Central Kentucky Gas Prices See Slight Uptick as National Prices Hold Steady
Gas prices in West Central Kentucky have increased two cents to $2.626 per gallon, according to AAA East Central’s Gas Price Report.
Motorists in the Great Lakes and Central states are seeing pump prices mostly remaining steady on the week. Only three states saw any ‘significant’ spikes in gas prices: Michigan (+6 cents), Indiana (+4 cents) and Kentucky (+4 cents).
Gasoline inventories built slightly on the week to register at 53.1 million barrels, which is the largest inventory level recorded for this time of year since 2008. With demand expected to continue declining, and taking into account high inventory levels, motorists in the region can expect prices to steadily decline this fall.
This week’s average prices: Western Central KY Average $2.626
Average price during the week of September 4, 2018 $2.603
Average price during the week of September 11, 2017 $2.575
Average prices of unleaded self-serve gasoline in various areas:
$2.731 Bowling Green
$2.514 Elizabethtown
$2.731 Louisville
$2.564 Owensboro
$2.588 Paducah
On the National Front
On the week, the national gas price average rose a penny to land at $2.85. Prices remain relatively stable across the country as gasoline demand dipped slightly and gasoline inventories incrementally built according to the latest Energy Information Administration (EIA) reports.
With the switchover to winter-blend gasoline fast approaching (September 15), gas prices are expected to decline this month. The threat of Hurricane Florence — which is now a Category 2 storm and projected to hit between South Carolina and Virginia by end of this week —will likely have an impact on East Coast gas prices this week should the storm follow its projected path.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped two cents to settle at $67.75. The drop in the price of crude oil can be attributed to several factors including increasing U.S. gasoline inventories. According to EIA’s report, total motor gasoline inventories increased by 1.8 million barrels last week and are about 7 percent above the five-year average for this time of year. At the same time crude oil stocks dropped 4.3 million barrels from the previous week as refinery utilization rates reached 96.6 percent. These market dynamics are mostly keeping gas prices flat, but a factor that may negatively impact prices is the threat of Hurricane Florence in the Atlantic. While it is still too early to pinpoint exactly where it will make landfall, the National Hurricane Center reports landfall could occur somewhere between South Carolina and Virginia late this week.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.