Local Gas Prices are Steady

Gas prices in West Central Kentucky are one cent lower this week at $2.868, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                       $2.868
Average price during the week of July 12, 2021                                         $2.876
Average price during the week of July 20, 2020                                         $1.972

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

$2.848        Bowling Green
$2.756        Elizabethtown
$3.081        Louisville
$2.795        Owensboro
$2.860        Paducah

In the local area;

Monticello $2.89

Somerset $2.79

McCreary County $ 2.88

Albany $2.99

Russell Springs $2.80

Trend Analysis:

Since Memorial Day weekend, the national gas price average has increased 13 cents to $3.17. That is 98 cents more than a year ago, but 41 cents cheaper than this time in July 2014, when the national average was last above $3/gallon.

One of the primary reasons for more expensive gas prices this summer is high crude oil prices. However, last week crude prices fluctuated from a high of $75 per barrel down to $71 per barrel. News from the Organization of the Petroleum Exporting Countries (OPEC) over the weekend, that they have reached a deal to increase production in August, could give crude oil prices the potential to drop under $70 per barrel. Regardless, AAA expects higher pump prices to be the norm throughout the summer. However, the more expensive prices aren’t stopping motorists from filling-up based on strong gasoline demand numbers.

While gas demand dipped to 9.28 million barrels per day, in the Energy Information Administration’s (EIA) latest report, the rate is strong for summer. The EIA report also shows gasoline stocks increased by 1 million barrels to 236.5 million. The jump in supply and drop in demand lessened fluctuations in the national gas price average, which had a two-cent increase on the week. During the last seven days, 25 state averages increased by at least two cents, with 11 of those seeing jumps of a nickel or more.

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