West Central Kentucky Gas Prices Down Slightly: National Average Drops as Crude Trends Cheaper
Gas prices in West Central Kentucky are down by about a penny this week to $2.093 per gallon according to AAA East Central’s Gas Price Report.
While most of the country is seeing decreases at the pump, gas prices have increased this week for motorists in some Great Lakes and Central States (Kentucky, +3 cents). Conversely, gas prices are as much as eight cents cheaper for other states in the region. Overall, demand has declined and supply has increased on the week. The differences in prices highlights the volatility that the Great Lakes and Central region often experiences.
This week’s average prices: Western Central KY Average $2.093
Average price during the week of December 3, 2018 $2.104
Average price during the week of December 11, 2017 $2.264
Average prices of unleaded self-serve gasoline in various areas:
$2.083 Bowling Green
$2.086 Elizabethtown
$2.201 Louisville
$2.025 Owensboro
$2.068 Paducah
On the National Front
Today’s national gas price average of $2.42 is the lowest pump price of the year, a price point not seen since mid-December last year. The average sits at four cents cheaper than last week, 28-cents cheaper than last month and four cents less than last year. The last time the national average was cheaper on the week, month and year was during July 2017.
With crude oil prices trending cheaper, motorists can expect the national gas price average to continue to drop. However, pump prices this cheap may not last into 2019. On Friday, the Organization of the Petroleum Exporting Countries (OPEC) announced that the cartel and non-OPEC members, including Russia, will reduce production by 1.2 million b/d for the first six months of the year. While the decision will help to reduce the high level of global crude supply, the move has the potential to increase oil and gas prices. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased $1.12 to settle at $52.61. Oil prices rallied at the end of last week after OPEC’s announcement.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.