West Central Kentucky gas prices fell about 9 cents over the past week to $2.128 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
After remaining relatively flat, the national average price for regular unleaded gasoline has now fallen to today’s average of $2.30 per gallon. Today’s national average is one cent less than one week ago and two cents more than one month ago. Compared to this same date last year, consumers are paying 37 cents more per gallon at the pump.
Gas prices may continue to drop in the near future due to declining crude oil prices and a well-supplied market, but will begin to creep up again over the next month due to seasonal refinery maintenance and the May 1 required switchover for producing summer-blend gasoline. This prediction comes with the necessary caveat that an unexpected market-moving event, such as unplanned domestic refinery maintenance or further production cuts from OPEC and non-OPEC countries, could further impact prices and supply.
The latest EIA report shows a 69,000 b/d drop in gasoline production by regional refiners and blenders to 2.364 million b/d for the week ending on March 3. Local refinery issues are the likely cause of production declines. Phillips 66’s Wood River refinery is currently undergoing planned and unplanned maintenance. CITGO’s refinery in Lemont, Illinois, lost a compressor at a processing unit and ExxonMobil Inc.’s refinery in Joliet, Illinois, is undergoing unplanned maintenance due to undisclosed equipment failure.Despite recent refinery issues, KY and Ohio motorists are seeing significant declines at the pump with the price of gasoline dropping eight cents in both states.
Crude prices declined again today as the global oil market remains oversupplied, and relatively high U.S. production levels continue to support bearish market sentiment. The possibility of continued production compliance by OPEC is likely to keep the market relatively fickle in the near term. Traders will continue to keep a close eye on OPEC compliance and U.S. supply and production. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was down 79 cents to settle at $48.49 per barrel.
This week’s average prices: Western Central KY Average $2.128
Average price during the week of March 6, 2017 $2.210
Average price during the week of March 15, 2016 $1.919
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.138 Bowling Green
$2.024 Elizabethtown
$2.259 Louisville
$2.099 Owensboro
$2.121 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.