Gas Prices Cool Off in West Central Kentucky After Weeks of Increases
Following three consecutive weeks of increases, the average price of gasoline across West Central Kentucky is two cents cheaper this week at $2.620 per gallon, according AAA East Central’s Gas Price Report. Today’s average is nine cents more expensive than the beginning of July, and four cents cheaper than this time last year.
The Great Lakes and Central region continues showing signs of volatility this week, despite strong regional refinery utilization and strong gasoline stocks. On the week, some states saw prices increase by two cents, but Indiana (-15 cents), Michigan (-12 cents), Illinois (-12 cents) and Ohio (-11 cents) rank as the top four states in the country with the largest declines, and the only to see double-digit dips. Statewide, gasoline is five cents heaper in Kentucky at $2.62.
For a third week, the Energy Information Administration (EIA) reports regional refinery utilization at 97% and a small 328,000-barrel build in gasoline stocks. Total stocks measure at 50 million barrels, which is about 2.2 million fewer than a year ago. This year-over-year deficit may be a factor in the fluctuation in pump prices across the region. However, the overall stock level is strong and keeping most fluctuation moderate.
This week’s average prices: Western Central KY Average $2.620
Average price during the week of July 15, 2019 $2.649
Average price during the week of July 23, 2018 $2.668
Average prices of unleaded self-serve gasoline in various areas:
$2.591 Bowling Green
$2.448 Elizabethtown
$2.986 Louisville
$2.520 Owensboro
$2.557 Paducah
On the National Front
On the week, all but eight states saw gas price averages push cheaper or remain stable. At $2.76, the national gas price average is three cents less expensive than last Monday. This is the first time in four weeks that the national average has seen a weekly decline. Gasoline stocks remain robust amid a recent dip in demand, which could be one reason pump prices are starting to ease after weeks of increases.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by 33 cents to settle at $55.63. Crude prices mostly declined last week after the International Energy Agency (IEA) announced that it does not expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.