Prices hold steady in West Central Kentucky this week, slightly increasing by a penny to $2.131 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
The national average price of regular unleaded gasoline remained relatively stable over the past week, settling at today’s price of $2.27 per gallon. Although today’s average remains flat compared to one week ago, drivers are paying ten cents less per gallon month-over-month, and 52 cents more per gallon year-over-year.
Pump prices have been pressured higher overall due to cuts in oil production globally, but increased U.S. production and low demand has led to a leveling out of prices over the last couple of weeks. The U.S. Energy Information Administration’s (EIA) latest weekly estimates of U.S. gasoline demand show that January 2017 figures are down 6 percent from January 2016 and are at their lowest standing for the first month of the year since 2012.
As is often the case, volatility has characterized pump prices in the Great Lakes region over the past few weeks. Many states in the region reflected double-digit decreases three weeks ago, only to see gains over the past seven days, with the price of gas climbing up by 5 cents in Ohio and 3 cents in Kentucky. The latest EIA report shows that Midwest gasoline stocks increased by nearly 3.5 million oil barrel (bbl) to a total of almost 60 million bbl last week – the fifth consecutive weekly build and a clear sign of low regional demand.
Markets opened Monday morning with slightly higher oil prices following new U.S. sanctions imposed on Iran after its missile tests. Worries that tensions between the U.S. and Iran could impact crude oil supplies have been tempered by increasing U.S. oil production. The potential for more U.S. oil production has kept a ceiling on oil prices and diminished the impact of efforts by OPEC and non-OPEC countries to cut production and rebalance global oil supply. Traders will keep an eye of U.S.-Iran relations and any further gains in U.S. oil production. At the closing of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up 29 cents to settle at $53.83 per barrel.
This week’s average prices: Western Central KY Average $2.131
Average price during the week of January 30, 2017 $2.120
Average price during the week of February 8, 2016 $1.540
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.072 Bowling Green
$2.112 Elizabethtown
$2.310 Louisville
$2.117 Owensboro
$2.046 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.