Gas prices in West Central Kentucky are 12 cents more expensive this week at $2.332, according to AAA East Central’s Gas Price Report. This is the first increase in the region in six weeks.
On the week, Missouri (+10 cents), Illinois (+8 cents), Kentucky (+8 cents) and Nebraska (+6 cents) have the largest weekly increases in the region and rank among the biggest 10 jumps in the country.
The increase in regional gas prices in the last seven days comes as a surprise, given that stocks increased by 421,000 barrels to 59.1 million – the highest stock level in a year – and refinery utilization held steady at 91%. However, volatility is typical for the region and most states only saw jumps of just a few pennies in the last week.
This week’s average prices: Western Central KY Average $2.332
Average price during the week of February 18, 2020 $2.216
Average price during the week of February 25, 2019 $2.242
Average prices of unleaded self-serve gasoline in various areas:
$2.341 Bowling Green
$2.159 Elizabethtown
$2.465 Louisville
$2.344 Owensboro
$2.350 Paducah
On the National Front
More than half of all state gas price averages increased as much as three cents in the last week. The increases, which caused the national gas price average to move up by a penny to $2.47, was caused by a decrease in U.S. gasoline stocks and increases in demand. The EIA’s latest data show total domestic gasoline stocks decreased by 2 million barrels to 259.1 million barrels, while demand increased from 8.72 million b/d to 8.92 million b/d. Some of the decrease in stocks can be attributed to refinery maintenance.
Gasoline prices are likely to fluctuate in the coming weeks, but not drastically, as the winter driving season nears its end and refineries undergo maintenance. Today’s national average is six cents cheaper than last month and eight cents more expensive than last year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased by 50 cents to settle at $53.38. Although crude prices increased for the second week, they may not be able hold onto gains this week as concerns regarding the coronavirus continue to mount. Until it appears that the public health threat from the virus declines and China’s industrial sector recovers, crude prices are likely to continue facing downward pressure.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.