Gasoline Prices Trending Higher Across West Central KY as Regional Supplies Dwindle
The average price of gasoline across West Central Kentucky is four cents more expensive at the pump this week at $2.626 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices are trending mostly higher across the Great Lakes and Central states. Statewide, Kentucky’s average price for gasoline is about four cents higher this week at $2.655. Compared to one month ago, the average price is 33 cents more expensive, which is one of the top 10 largest monthly differences in the country.
The latest Energy Information Administration (EIA) report shows stocks of gasoline have steadily declined since mid-February in the region. With the latest 1-million-barrel draw, levels have dropped to a new low for the year at 53.8 million barrels. Furthermore, the EIA reports regional refinery utilization for the week ending March 29 is down three percentage points from the week prior, which could affect supply in the weeks ahead.
This week’s average prices: Western Central KY Average $2.626
Average price during the week of April 1, 2019 $2.586
Average price during the week of April 2, 2018 $2.494
Average prices of unleaded self-serve gasoline in various areas:
$2.668 Bowling Green
$2.552 Elizabethtown
$2.846 Louisville
$2.523 Owensboro
$2.543 Paducah
On the National Front
At $2.74, the national gas price average increased a nickel on the week and is eight cents more expensive than at this time last year. Compared to one month ago, the average is 28 cents more expensive. As demand holds steady and inventories continue to tighten, motorists continue to see gas prices increase in every region. Moreover, as overall refinery utilization stands at 86% compared to 93% last year, unexpected and planned maintenance continues to be one of the leading factors in why gas prices have continued to trend more expensive.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 98 cents to settle at $63.08. Oil prices climbed last week following strong U.S. economic data that reduced fears of a drop in global crude demand later this year. Additionally, escalating military actions in Libya – a major global crude producer and exporter – supported crude price increases amid concerns that crude exports from the country could be affected by the tension. Oil prices could climb even further this week as OPEC’s 1.2 million b/d production reduction agreement remains in place through June and the U.S. tightens its crude export sanctions against Iran and Venezuela.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 80 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.
