West Central KY Gas Prices Increase as Tightening Inventory Drives Prices Upward Nationwide

Kentucky, Gas Prices
Gas pump by Mike Mozart
Photo by Mike Mozart https://www.flickr.com/photos/jeepersmedia/ creativecommons.org/licenses/by/4.0/

Gas prices in West Central Kentucky are nearly seven cents more expensive on average this week at $2.318 per gallon, according to AAA East Central’s Gas Price Report.

Indiana (+14) and Ohio (+11 cents) saw the largest week-over-week gas price increases of all states in the Great Lakes and Central region and the country.  Statewide, Kentucky gasoline prices increased this week by seven cents to $2.35 per gallon. 

Gasoline supplies decreased moderately in the region to 58.3 million barrels, according to the Energy Information Administration (EIA).  In the same week, regional refinery utilization decreased by one percent.  If stocks continue to fall, gas prices are likely to continue increasing especially with the switchover to summer-blend gasoline, which is more expensive to produce.

This week’s average prices: Western Central KY Average: $2.318
Average price during the week of March 4, 2019: $2.250
Average price during the week of March 12, 2018: $2.295

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

$2.312        Bowling Green
$2.265        Elizabethtown
$2.442        Louisville
$2.280        Owensboro
$2.289        Paducah

On the National Front

On the week, the national gas price average and that of 26 states jumped a nickel or more.  The national average has been steadily increasing for the last three weeks, currently sitting at $2.47.  During that time, gasoline inventory has gradually decreased while demand has started to increase and crude oil prices have fluctuated.  Combined, these factors are driving up gas prices across the country.  Today’s gas price average is a nickel more than last week, 20 cents more expensive than a month ago, but five cents less than last year.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 59 cents to settle at $56.07.  Oil prices fell at the end of last week following the release of lower-than-expected job growth data in the U.S. and continued concerns that a slowing global economy could bring weaker global crude demand later this year.  Moving into this week, crude prices may rise as the global crude supply tightens due to OPEC’s 1.2 million b/d production reduction agreement in place through at least June 2019 and U.S-imposed crude export sanctions on Iran and Venezuela.

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

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