West Central Kentucky Gas Prices Drop Slightly, High Demand Threatens National Average

Kentucky, Gas Prices
Picturesque gas station by Wonderlane
Photo by Wonderlane https://www.flickr.com/photos/wonderlane/ creativecommons.org/licenses/by/4.0/  

West Central Kentucky prices have dropped by about three cents to $2.708 per gallon this week according to AAA East Central’s Gas Price Report.  

Motorists are seeing cheaper gas prices this week for the bulk of the Great Lakes and Central states.  Statewide, Kentucky gas prices are down by about
two
cents.  Inventory levels bumped up slightly by 300,000 barrels on the week, sitting at the 52.5 million mark according to Energy Information Administration(EIA).

This week’s average prices: Western Central KY Average:  $2.708
Average price during the week of June 11, 2018:  $2.734
Average price during the week of June 19, 2017:  $2.120

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

$2.682        Bowling Green
$2.674        Elizabethtown
$2.964        Louisville
$2.582        Owensboro
$2.637        Paducah

On the National Front

On the week, the national gas price average is two cents cheaper at $2.90.  Today’s national average is only one cent more expensive than a month ago, but 60 cents more expensive than a year ago.

Nationwide, 44 states have less expensive or steady gas price averages compared to last Monday.  However, the cheaper trend may be reversing.  Gasoline demand spiked in the latest EIA report, in fact setting a new record at 9.88 million b/d for the week ending June 8.  As demand skyrockets, U.S. gasoline inventories plummeted 2.27 million barrels to land at 237 million, which is 5.7 million below stocks last year at this time.  If demand continues to strengthen and inventories decrease in the weeks ahead, motorists may see gas prices do a reversal and start to increase again.

Moving into this week, another factor that will influence gas prices in the near and long-term will be outcomes from the June 22 OPEC meeting in Vienna, Austria.  The cartel, along with other major producers including Russia, will discuss increasing oil production ahead of the year-end scheduled dissolution of its production reduction agreement.  Some reports indicate that OPEC could be looking at an increase of 300,000 to 600,000 b/d to help ease global crude price gains.  An increase in production would likely decrease crude oil prices and encourage cheaper gas prices.

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-