Gas Prices Down in the Area, but not in Monticello

Gas prices in West Central Kentucky are stable this week at $3.061, 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 November 8, 2021                            $3.06

Average price during the week of November 16, 2020                          $1.89

 

According to the Triple A website here is the average prices of unleaded self-serve gasoline in various areas:

Monticello – 3.19

Somerset – 3.04

Russell Springs – 2.96

Albany – 3.10

Whitley City – 3.10

 

$3.08        Bowling Green

$2.90        Elizabethtown

$3.23        Louisville

$3.01        Owensboro

$3.07        Paducah

Trend Analysis:

Consumers are seeing slight relief at the pump this week as the national average price for a gallon of gas is down a penny to $3.41. Since October 30, the national average has fallen on nine different days, after rising steadily each of the previous 31 days.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by 80 cents to settle at $80.79. Crude prices decreased slightly last week as inflation fears weighed on the market. Additionally, prices also fell after EIA reported that the total domestic crude supply increased by 1 million barrels to 435.1 million barrels last week. However, according to EIA’s data, the total domestic crude supply is still down 11 percent compared to the previous year at this time, helping to keep elevated price pressure on crude.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million barrels to 212.7 million barrels last week. Gasoline demand dropped from 9.5 million barrels per day to 9.26 million barrels per day. This drop coupled with an increase in the domestic crude oil supply caused downward pressure on prices.