AAA: Western Kentucky Gas Prices Increase This Week
Gas prices in West Central Kentucky are four cents higher this week at $2.246, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $2.246
Average price during the week of January 25, 2021 $2.207
Average price during the week of February 3, 2020 $2.141
Average prices of unleaded self-serve gasoline in various areas:
$2.271 Bowling Green
$2.092 Elizabethtown
$2.455 Louisville
$2.278 Owensboro
$2.234 Paducah
Trend Analysis:
At $2.42, the national average is a nickel cheaper than a year ago. While Americans have gotten used to cheaper year-over-year prices at the pump, the trend is showing signs of reversal. Ten states are already carrying more expensive gas prices compared to a year ago, including: Delaware (+23 cents), Maryland (+9 cents), Iowa (+6 cents) and Indiana (+6 cents). However, nearly 12 states still have gas price averages that are as much as 38 cents a gallon less than this time last year.
The national average increased by two cents this week, despite a drop in gasoline demand and refinery utilization. According to the latest Energy Information Administration (EIA) measurements, demand declined from 8.11 million b/d to 7.83 million b/d and total refinery utilization decreased from 82.5 percent to 81.7 percent over last week. These decreases led to an increase in gasoline supply of 2.4 million barrels.
Typically, these factors (decrease in demand, increase in supply) drive a decrease at the pump, but sustained crude oil prices are pushing the increase. For three weeks, crude continues to price between $52–$53/bbl, steady price points not seen since mid-February 2020. Gas prices could continue to increase as crude oil prices remain at these price points.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 73 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.