Local Gas Prices Remain among highest in the State

AAA: Higher Gas Prices Haunting Motorists in Western Kentucky
Gas prices in West Central Kentucky are six cents higher this week at $3.060, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                   $3.06
Average price during the week of October 18, 2021                              $3.00
Average price during the week of October 26, 2020                              $1.94

Average prices of unleaded self-serve gasoline in various areas, according to Triple A late Thursday afternoon:

Monticello $3.19

Somerset $3.20

Albany $3.19

Russell Springs $3.09

Whitley City $3.11

$3.08        Bowling Green
$2.94        Elizabethtown
$3.22        Louisville
$2.98        Owensboro
$3.06        Paducah

Trend Analysis:

The recent surge in the price of gas may seem spooky this Halloween, but it’s not frightening people away from driving as demand continues to rise. The national average price for a gallon of gasoline rose six cents over the past week to hit $3.38. The pump price has gone up every day in the past 27 days, adding approximately 20 cents to the cost of a gallon of gas. The last time prices were this high was September 2014.

The recent rise in the pump price is due to higher demand coupled with a decline in stocks and elevated crude prices. Since the cost of oil accounts for more than half of the pump price, consumers will likely be paying more as long as crude prices remain high.

At the close of last Friday’s formal trading session, West Texas Intermediate increased by $1.26 to settle at $83.76. Crude prices increased overall after EIA’s weekly report revealed that total domestic crude inventories decreased slightly to 426.5 million barrels. Global oil production is still below pre-pandemic levels and the current storage level is approximately 13 percent lower than the level at this same time last year.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 5.4 million barrels to 217.7 million barrels last week. However, gasoline demand increased from 9.19 million barrels per day to 9.63 million barrels per day.

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