Gas prices in West Central Kentucky are a penny higher this week at $2.343, according to AAA East Central’s Gas Price Report. The statewide average held steady this week at $2.36.
On the week, there is minimal volatility at pumps across the Great Lakes and Central region. Only Ohio (+15 cents) and Wisconsin (+2 cents) saw gas prices increase. Every other state is cheaper or the same as last Monday, with Indiana (-6 cents) and Michigan (-5 cents) seeing the largest decreases. Ohio ($2.60), Indiana ($2.43) and Michigan ($2.45) all land on the top 10 list for largest weekly changes.
In the region, gas prices range from $2.23 in Missouri to $2.63 in Illinois. These states rank as the 3rd least expensive and the 17th most expensive state averages, respectively, in the country.
Gas prices in the region saw low volatility due to an increase in refinery utilization and a substantial build (1.6 million barrels) in gasoline stocks, according to Energy Information Administration (EIA) data. Total stocks sit at 48 million barrels and are poised to continue increasing, potentially leading to cheaper gas prices in December.
This week’s average prices: Western Central KY Average $2.343
Average price during the week of November 25, 2019 $2.330
Average price during the week of December 3, 2018 $2.104
Average prices of unleaded self-serve gasoline in various areas:
$2.365 Bowling Green
$2.246 Elizabethtown
$2.497 Louisville
$2.265 Owensboro
$2.341 Paducah
On the National Front
Following a busy holiday long weekend that saw 49 million Americans traveling on roadways, gas prices across the country saw minimal fluctuation, with most states seeing decreases on the week. The national gas price average is one penny cheaper than last Monday at $2.58. Today’s average is three cents cheaper than last month, but 12 cents more expensive than last year at this time.
Gasoline stocks have steadily increased the past few weeks as gasoline demand has generally started to slow. This trend is creating cheaper gas prices for most motorists nationwide. In its latest report for the week ending Nov. 22, EIA data show a substantial 5.1-million-barrel build in gasoline stocks amid flat gasoline demand.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased by $2.94 cents to settle at $55.14. Continued market fear that tension between China and the U.S. – the world’s two largest crude consumers – will reduce crude demand moving into next year helped push prices down. Additionally, domestic crude prices decreased after the U.S. hit a record high production level of 12.9 million b/d, according to the EIA’s latest weekly petroleum status report. If tension between China and the U.S. persists this week, crude prices could slide further.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 78 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.