After dropping by nine cents last week, gas prices in West Central Kentucky are another nine cents cheaper this week at $2.141, according to AAA East Central’s Gas Price Report. The area’s average is now 22 cents cheaper than it was at the beginning of 2020.
Gas prices are at least four cents cheaper across the Great Lakes and Central States, except in Michigan which is the only state in the country to see gas prices more expensive on the week. Statewide, the average price of gas in the Bluegrass State is 11 cents cheaper at $2.24.
Energy Information Administration (EIA) data show that regional gasoline stocks dipped by nearly 300,000 barrels. This is the region’s first decrease in stocks in more than two months, pushing total stocks to 57.9 million. With demand at a seasonally-appropriate low, motorists can expect gas prices to continue decreasing, although typical regional fluctuation is expected for some states including Ohio, Michigan, Kentucky and Illinois.
This week’s average prices: Western Central KY Average $2.141
Average price during the week of January 27, 2020 $2.237
Average price during the week of February 4, 2019 $2.071
Average prices of unleaded self-serve gasoline in various areas:
$2.181 Bowling Green
$2.066 Elizabethtown
$2.274 Louisville
$2.099 Owensboro
$2.083 Paducah
On the National Front
The national gas price average is $2.47, which is four cents cheaper than last week and 11 cents cheaper than the beginning of the year. Gas prices are pushing cheaper for several reasons, including dropping crude oil prices and high inventory. Crude prices are about $10 less per-barrel than one month ago, and U.S. gasoline stocks sit at an all-time high. When combined with seasonally low demand, motorists nationwide can expect cheaper prices this month.
Motorists in at least a dozen states can find gas for less than $2/gallon. Those gas stations are mostly found in the South and Southeast. Today’s national average is 11 cents less than this time last month, but 22 cents more expensive than last year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by 58 cents to settle at $51.56. For the second week, crude prices have decreased as a result of increased market concerns regarding the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop again.
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.