West Central Kentucky Gas Prices Creep Downward, Inventory Continues to Shrink

Kentucky, Gas Prices
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Gas prices in West Central Kentucky are down by two cents this week to $2.726 per gallon this week according to AAA East Central’s Gas Price Report.  

With the exception of a few states (including Kentucky, -2 cents), state gas price averages in the Great Lakes and Central region are more expensive compared to last Monday.  Gasoline inventories continue to tighten in the region following the fourth consecutive weekly draw.  Total inventories register at the 51 million barrel mark.  While this is the region’s lowest measurement for the year, it is on par with levels last year at this time, according to Energy Information Administration (EIA) data.

This week’s average prices: Western Central KY Average:  $2.726
Average price during the week of July 30, 2018:  $2.750
Average price during the week of August 7, 2017: $2.230

Average prices of unleaded self-serve gasoline in various areas: 

$2.688        Bowling Green
$2.704        Elizabethtown
$2.904        Louisville
$2.671        Owensboro
$2.665        Paducah

On the National Front

At 9.88 million barrels per day, gasoline demand last week was near an all-time record high according to the EIA.  More so, the latest EIA data shows gasoline inventories tightening from 240 million barrels at the end of June down to 231 million at the end of July.  The boost in demand and drop in inventory have driven the national gas price average to $2.87, which is the most expensive gas price seen in August since 2014.  Should inventories continue to tighten, a pump price rally could manifest before summer’s end. 

While today’s gas price average is one-cent more than last week, it is the same price as one month ago, yet 52-cents more than this time last year.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 47 cents to settle at $68.49.  Oil prices made some gains last week, but are ending at a loss after EIA reported that total oil inventories across the country grew by 5.6 million barrels last week.  The build in crude stocks was supported by crude exports falling to 1.31 million b/d.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 80 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.

For More Information, Contact:
Lynda Lambert, Safety Advisor & Media Spokesperson
Desk: 502-779-3610 / Cell: 502-565-7410 / Email:
Lambert.Lynda@aaaec.com

-AAA-