Gas prices in West Central Kentucky are five cents more expensive this week at $2.004 per gallon, according to AAA East Central’s Gas Price Report.
Despite this week’s increase, nine Great Lakes and Central states currently land on the top 10 list of largest year-over-year difference in gas prices in the country, including Kentucky (-39 cents). This week, gas prices in the region range from $2.20 in North Dakota to $1.82 in Missouri.
Gasoline inventories continued to build, adding 1.2 million barrels. This trend is expected to continue into the early half of the year. At 54.2 million barrels, stocks are at a 3.5 million year-over-year surplus.
This week’s average prices: Western Central KY Average $2.004
Average price during the week of January 3, 2019 $1.951
Average price during the week of January 8, 2018 $2.336
Average prices of unleaded self-serve gasoline in various areas:
$1.985 Bowling Green
$1.864 Elizabethtown
$2.211 Louisville
$1.983 Owensboro
$1.979 Paducah
On the National Front
The latest EIA data registers gasoline demand at 8.6 million b/d for the week ending December 28 – the lowest level on record since February 2017. Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 barrels, suggesting that demand this winter could be lower than expected.
Today’s national gas price average is $2.24 and has declined for 12 weeks in a row. The national average is three-cents cheaper on the week, 20-cents cheaper than last month and 25-cents cheaper year-over-year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 87 cents to settle at $47.96. Oil prices were volatile last week, as market observers continue to believe that the global crude market is oversupplied. Moreover, analysts are also wary of the impact a potential economic slowdown in 2019 could have on global crude oil demand. In the coming weeks, market observers will look for indications that OPEC’s global pact with large non-OPEC crude producers (including Russia) will reduce crude production by 1.2 million b/d for at least the first six months of 2019, which may help reduce the growing global glut of crude.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.