West Central KY Gas Prices Inch Upward; Regional Supply Remains Strong
The average price of gasoline across West Central Kentucky is three cents higher this week at $2.290 per gallon, according AAA East Central’s Gas Price Report.
Most states in the Great Lakes and Central region have gas price averages that are two to four cents cheaper than last week, with Michigan and Ohio being the outliers. Statewide, Kentucky residents are paying an average of two cents less this week at $2.32 per gallon.
Gasoline stocks remain stable at 51 million barrels, the healthiest supply level seen since April for the Great Lakes and Central states region. Regional refinery utilization hit 100% in the Energy Information Administration’s (EIA) latest report. The high refinery rate and healthy stock levels are working together to push prices cheaper for most of the region, a trend that should continue into September.
This week’s average prices: Western Central KY Average $2.290
Average price during the week of August 26, 2019 $2.267
Average price during the week of September 4, 2018 $2.603
Average prices of unleaded self-serve gasoline in various areas:
$2.300 Bowling Green
$2.168 Elizabethtown
$2.527 Louisville
$2.178 Owensboro
$2.277 Paducah
On the National Front
On the week, gas prices are as much as nine cents cheaper in every state except California, (+5 cents), Florida (+4 cents), Ohio (+2 cents) and South Carolina (+1 cent). Hurricane Dorian has been the driver for the increases in Florida and, most likely, South Carolina. At this point, the hurricane is not threatening major oil and gas infrastructure, so its impact is localized to its path along the East Coast. For the rest of the country, demand, which remains high, is chipping away at supply, but not at a high enough rate to increase gas prices.
Today’s national average is $2.57, which is a penny cheaper than last week, 14-cents less than a month ago and 26-cents cheaper than a year ago.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased by $1.61 to settle at $55.10. Crude oil prices saw some gains last week following the EIA’s weekly report that showed crude oil stockpiles had decreased by 10 million barrels. However, worries about the impact of Hurricane Dorian drove crude oil prices down late last week. Closing out the week, crude oil futures fell 3% ahead of the hurricane’s landfall with fears that its impact could dampen demand. Market watchers will continue to track the progress of Hurricane Dorian as it strengthens throughout the week and batters Florida and the East Coast.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
