West Central Kentucky gas prices increased 7 cents this week to $2.210 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
Oil prices slipped fractions of a penny over the weekend, reaching today’s national average price for regular unleaded gasoline of $2.31 per gallon. Today’s price is still two cents more than one week ago, four cents more compared to one month ago and 50 cents more per gallon year-over-year. Retail prices continue to fluctuate but have remained between $2.28-2.32 for more than a month as reports of increased U.S. production continues to counter OPEC rebalancing efforts.
Our region saw some of the most dramatic price increases this week for both Ohio (+9 cents), and Kentucky (+6 cents). Price increases can be attributed to issues at some regional refineries. Last week, Phillips 66 reported problems with an oil-processing unit at its 330,000-b/d Wood River refinery in Roxana, Illinois. OPIS reports that CITGO experienced power outages at its 185,200-b/d refinery in Lemont, Illinois, last week due to severe weather, while ExxonMobil also experienced weather related issues at its 260,000-b/d Joliet refinery in Channahon, Illinois.
Today, markets opened posting crude oil losses pressured lower by an increasing U.S. rig count –Oil production in the U.S. continues to rise, and according to oil services company Baker Hughes, U.S. drillers added seven oil rigs last week, bringing the total rig count up to 609, the most since October 2015.
Traders will continue to watch how the market reacts to increased U.S. oil production. At the closing of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up 72 cents to settle at $53.33 per barrel.
This week’s average prices: Western Central KY Average $2.210
Average price during the week of February 27, 2017 $2.146
Average price during the week of March 7, 2016 $1.737
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.150 Bowling Green
$2.173 Elizabethtown
$2.418 Louisville
$2.142 Owensboro
$2.166 Paducah
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 82 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.