West Central Kentucky motorists are paying an average of 17 cents more at the pump this week at $2.482 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. The nearly 20-cent increase in West Central Kentucky can be partly attributed to refinery maintenance in southeastern Illinois, which provides this portion of the state with some of its gasoline.
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: $2.482
Average price during the week of March 11, 2019: $2.318
Average price during the week of March 19, 2018: $2.368
Average prices of unleaded self-serve gasoline in various areas:
$2.549 Bowling Green
On the National Front
Since early February, gasoline demand has been steadily increasing while stocks have been gradually decreasing, leading to more expensive pump prices across the country. At $2.54, the national gas price average is 7 cents more expensive on the week and 23-cents more than last month.
Today’s price is, however, just as expensive as the same day a year ago. In fact, for the first time since the end of November last year, the national average the past four days has been nearly identical to the same time last year. That being said, only 20 states have seen the same trend, with the rest of America seeing yearly differences from as much as 25-cents cheaper to 10-cents more expensive.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 9 cents to settle at $58.52. Oil prices took a hit last week as the market continued to have concerns about the global economy slowing this year, which could weaken global crude demand later this year. Moving into this week, prices will likely remain volatile following news from OPEC that it will not hold a meeting this April regarding its crude reduction pact with other global crude producers. Instead, OPEC will meet in late June to allow the cartel more time to determine if it should work with its partners to extend the current production reduction agreement beyond June.
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