(PADUCAH, Ky.) — Motorists across the nation are seeing relief at the pump as gas prices fell below $3 per gallon for the first time since May 2021, though drivers in West Central Kentucky are experiencing a slight uptick, according to AAA East Central’s latest Gas Price Report.
The national average for regular gasoline now stands at $2.95 per gallon, marking a milestone drop and representing a five-cent decrease from last week, seven cents lower than a month ago, and six cents less than a year ago.
However, West Central Kentucky bucked the national trend, with prices rising eight cents this week to $2.573 per gallon, still below the record high of $4.742 set in June 2022.
Multiple Factors Drive National Decline
Industry analysts attribute the nationwide price decrease to several converging factors. Crude oil prices have hovered around $60 per barrel, while sluggish gasoline demand and the seasonal shift to cheaper-to-produce winter blend gasoline have further pressured prices downward.
New data from the Energy Information Administration (EIA) revealed gasoline demand dropped from 8.72 million barrels per day to 8.32 million last week. Meanwhile, domestic gasoline supply increased from 209.9 million barrels to 214.4 million, and production averaged 9.8 million barrels per day.
West Texas Intermediate crude oil closed Wednesday’s trading session at $58.95 per barrel, up 31 cents. U.S. crude oil inventories increased by 0.6 million barrels to 427.5 million barrels, approximately 3% below the five-year average for this time of year, according to the EIA.
Regional Price Variations
Within West Central Kentucky, gas prices varied by location. Owensboro reported the lowest average at $2.433 per gallon, while Louisville saw the highest at $2.679. Other areas included Bowling Green at $2.626, Elizabethtown at $2.518, and Paducah at $2.608.
Nationally, Oklahoma offered the cheapest gas at $2.40 per gallon, while California remained the most expensive at $4.51.
Electric Vehicle Charging Costs Stable
The national average cost for public electric vehicle charging remained unchanged at 38 cents per kilowatt hour. West Virginia had the highest charging costs at 52 cents per kilowatt hour, while Kansas offered the lowest at 25 cents.
Drivers can find current gas and electric charging prices along their routes using the AAA TripTik Travel planner.
