Gas prices in West Central Kentucky jumped nearly 14 cents this week to $2.287 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
For the first time in more than 19 months, today’s national average price for a gallon of regular unleaded gasoline has reached $2.39. This price is six cents more expensive than one week ago, nine cents more than one month ago, and 35 cents more than one year ago. The national average is at its highest price this year and has now increased for 13 of the last 14 days. Pump prices in 48 states and Washington D.C. have moved higher over the last week, led by the switch over to more expensive summer-blend gasoline and increased driving demand.
Five Great Lakes and Central states saw some of the country’s most significant gas price increases in the past seven days, with Kentucky landing at the top of the list (+15 cents). Phillips 66’s Wood River refinery in Illinois is still undergoing planned maintenance work, adding to a growing list of refinery issues in the U.S. Midwest. In addition, BP’s Whiting, IN, refinery was experiencing a minor issue on its second-largest crude distillation unit, which was affecting normal operations, but should be remedied in a few days.
Crude oil futures opened Monday trading at their highest level in more than a month as a result of ongoing tensions in the Middle East. Crude oil rallied and then leveled out following last week’s U.S. missile strike against a Syrian airbase amid fears that further unrest in the region could lead to oil supply disruptions.
Additional factors contributing to increased crude oil prices include high production cut adherence by OPEC and non-OPEC producers and the possibility that participating countries may extend their agreement beyond the June deadline. Traders will keep a close eye on political dynamics in the Middle East and any further discussions between OPEC and non-OPEC producers.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up 54 cents to settle at $52.24 per barrel.
This week’s average prices: Western Central KY Average $2.287
Average price during the week of April 3, 2017 $2.148
Average price during the week of April 11, 2016 $1.892
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.355 Bowling Green
$2.290 Elizabethtown
$2.459 Louisville
$2.164 Owensboro
$2.169 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 81 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.