AAA: Kentucky Gas Prices Increase as Oil Continues to Rise
Gas prices in West Central Kentucky are three cents higher this week at $2.328, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $2.328
Average price during the week of February 8, 2021 $2.294
Average price during the week of February 18, 2020 $2.216
Average prices of unleaded self-serve gasoline in various areas:
$2.365 Bowling Green
$2.177 Elizabethtown
$2.518 Louisville
$2.246 Owensboro
$2.334 Paducah
Trend Analysis:
Pump prices continue to move upward, despite low demand. This is the result of increasing oil prices, which settled at $59.47/barrel at the end of Friday’s formal trading session (West Texas Intermediate). Crude oil accounts for more than 50 cents of every dollar spent at the pump, and prices have been increasing since the beginning of the year. Today’s price for crude is about $4 less than last year’s most expensive price of $63.27/barrel (on January 6, 2020).
Today’s national gas price average is $2.51. Nearly 40 state averages are already more than they were last year, with half of those averages seeing double-digit increases. Demand has averaged 7.7 million b/d since January. The last time it measured below 8 million b/d during the first six weeks of the year was 2001.
Precisely how expensive gas will get this year is largely dependent on crude price and demand. The price of crude is still $10–$12/barrel lower than when the national average neared $3/gallon in 2018. Barring any outstanding or unforeseen circumstances, AAA believes that there would have to be a major spike in demand (returning to normal peak driving season levels) and sustained crude oil prices for gasoline prices to reach that high this year.
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.