AAA: Kentucky Gas Prices Jump as Demand Grows, Supply Tightens
Gas prices in West Central Kentucky are 12 cents higher this week at $2.707, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $2.707
Average price during the week of March 8, 2021 $2.582
Average price during the week of March 16, 2020 $1.974
Average prices of unleaded self-serve gasoline in various areas:
$2.689 Bowling Green
$2.650 Elizabethtown
$2.928 Louisville
$2.624 Owensboro
$2.644 Paducah
Trend Analysis:
Following last month’s winter storm in Texas, the national gas price average has jumped nearly 40 cents to $2.86. Prices will likely continue to increase this week, especially following the Energy Information Administration’s (EIA) latest weekly reports showing a second week of major decline in gasoline stocks and a substantial increase in U.S. demand.
For the week ending March 5, the EIA reports gas stocks decreased by nearly 12 million barrels to 231.6 million barrels, as demand increased from 8.15 million b/d to 8.73 million b/d last week. That demand measurement is the highest since the end of November 2020.
Amid tightening supply and increasing demand, the good news is that the price of crude, which accounts for more than half of the price at the pump, showed signs of stability on the week fluctuating between $64–$66/barrels. If crude sustains at this level, especially as refinery utilization increases, major increases at the pump will likely subside.
Americans are paying, on average, 14% more to fill-up compared to February. On the week, the national average is nine cents more expensive with 20 states seeing double-digit jumps.
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.
