Gas Prices Dip in Kentucky; National Average Continues Downward Trend
The average price of gasoline across West Central Kentucky is two cents cheaper this week at $2.504 per gallon, according AAA East Central’s Gas Price Report.
Most states in the Great Lakes and Central states region saw prices decrease on the week (Kentucky, -1 cent). For a second week, gasoline inventories decreased by nearly one million barrels. The Energy Information Administration (EIA) also reports regional refinery utilization declined from 99% to 95%. While pump prices pushed cheaper on the week, the lower stocks and utilization levels could yield some price fluctuation in the week ahead.
This week’s average prices: Western Central KY Average $2.504
Average price during the week of July 29, 2019 $2.520
Average price during the week of August 6, 2018 $2.726
Average prices of unleaded self-serve gasoline in various areas:
$2.482 Bowling Green
$2.400 Elizabethtown
$2.836 Louisville
$2.348 Owensboro
$2.452 Paducah
On the National Front
Today’s national average price for gas is $2.71, which is two cents cheaper than last week, four cents cheaper than last month, and fifteen cents cheaper than this time last year. Prices are cheaper as demand dipped slightly, even though overall demand remains robust. Decreasing prices have become the norm over the past few weeks in America, and barring any outlying factors, this trend may continue throughout the month.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by $1.71 to settle at $55.66. Crude prices mostly decreased last week after President Trump announced new tariffs on imports from China, furthering a trade war between the world’s two largest economies and oil consumers. Market observers are concerned that increasing tariff costs will likely reduce global demand for crude oil. If the trade tensions between the countries continue to increase this week, crude prices will likely decline further.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 79 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.
