West Central Kentucky gas prices decreased two cents this week to $2.266 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
The national average price of gas continues to increase, reaching today’s average of $2.37 per gallon, the highest since June 2016. Gas prices have moved higher by almost three cents per gallon on the week and 17 cents per gallon on the month. Retail prices have increased for 40 of the past 42 days as a result of market reactions to the OPEC oil cut agreement. Traders and industry alike will keep a close eye on OPEC compliance as they await the release of the first output report which is expected in mid-February.
Early Monday morning crude oil prices traded lower as a result of increased Iranian oil exports and reports of increased U.S. drilling. Also impacting markets are reports of increased U.S. rig counts. According to a report from Baker Hughes, U.S. drillers added four more rigs, bringing the total U.S. rig count to 529. Increased oil production by the U.S. may keep a temporary cap on prices, but traders will continue to monitor how OPEC cuts and increased Iranian exports impact the market. At the close ofFriday’s formal trading session on the NYMEX, West Texas Intermediate closed up 23 cents to settle at $53.99 per barrel.
This week’s average prices: Western Central KY Average $2.266
Average price during the week of January 3, 2017 $2.285
Average price during the week of January 11, 2016 $1.861
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.178 Bowling Green
$2.193 Elizabethtown
$2.474 Louisville
$2.250 Owensboro
$2.235 Paducah
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
AAA East Central is a not-for-profit association with 82 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.