Gas prices in Kentucky are five cents higher this week at $3.235, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $3.235
Average price during the week of July 22, 2024, $3.189
The average price during the week of July 31, 2023, $3.448
Locally Gas as of this morning jumped overnight was $3.35
Neighboring Counties in Somerset were $3.22
McCreary County $3.29
Clinton County $3.24
Average prices of unleaded self-serve gasoline in various areas:
$3.200 Bowling Green
$3.212 Elizabethtown
$3.675 Louisville
$2.963 Owensboro
$3.123 Paducah
Trend Analysis:
Barely budging since June, the national average for a gallon of gas has remained stable over the past week at $3.50. The national average has hovered around $3.50 per gallon since June 26th, and oil costs are helping keep gas prices steady. In April, a barrel of oil was in the upper $80’s, but today, it is $10 a barrel cheaper. Today’s national average is a penny more than a month ago but 24 cents less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand rose unexpectedly from 8.78 million barrels per day to 9.45 last week. Meanwhile, total domestic gasoline stocks fell from 233 to 227.4 million barrels. Gasoline production rose last week, averaging 10.2 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate rose 63 cents to settle at $77.59 a barrel. The EIA reports that crude oil inventories decreased by 3.7 million barrels from the previous week. At 436.5 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.
AAA East Central is a not-for-profit association with 70 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.