West Central Kentucky Pump Prices Increase as Regional Inventory Tightens

Kentucky, Gas Prices
Filling up Insight by Celeste Lindell
Photo by Celeste Lindell https://www.flickr.com/photos/averagejane/ https://creativecommons.org/licenses/by/4.0/

The average price of gasoline across West Central Kentucky is seven cents more expensive at the pump this week at $2.586 per gallon, according to AAA East Central’s Gas Price Report.

On the week, Indiana (+11 cents) was the only state in the Great Lakes and Central region to see double-digit increases, with Kentucky (+9 cents), Ohio (+8 cents) and Illinois (+8 cents) just a few pennies away from that mark.  Missouri was the only state in the region to see gas prices hold steady, while Iowa saw a small increase. 

Regional gasoline stocks continue to tighten with a 919,000-barrel decrease, dropping totals for the region to a new low for the year at 54.8 million barrels.  According to Energy Information Administration (EIA) data, stocks have not measured this low since the end of 2018, and while levels are in line with the five-year average, they are below last year’s level.

This week’s average prices: Western Central KY Average: $2.586
Average price during the week of March 25, 2019: $2.518
Average price during the week of April 2, 2018: $2.537
 
Average prices of unleaded self-serve gasoline in various areas: 

$2.623        Bowling Green
$2.463        Elizabethtown
$2.746        Louisville
$2.540        Owensboro
$2.556        Paducah

On the National Front
Today’s national gas price average is $2.69, which is a 44-cent increase since New Year’s Day.  Today’s average is seven-cents more expensive than last week, 27-cents more than last month, and four cents more expensive than last year.  Gasoline stocks have been steadily decreasing since early February, and motorists have been seeing spikes at the pump that could continue in the weeks ahead.  On the week, 26 states saw gas prices increase a nickel or more with states in the West Coast, Great Lakes and Central region seeing the largest jumps.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 84 cents to settle at $60.14 – the highest closing price seen this year.  Oil prices increased last week as the market expects further tightening in global supply as a result of OPEC’s 1.2 million b/d production cut, and the U.S. imposing sanctions on Iranian and Venezuelan crude exports.  Moving into this week, prices will likely continue their ascent, with the combined effect of the tightening in the global crude oil market overshadowing concerns that the global economy is slowing, which could decrease global crude demand during the second half of 2019.

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-