Gas Prices Take a Hike in West Central Ky
March 13th, 2017
Gas Prices Take A Hike in West Central KY
West Central Kentucky gas prices increased 7 cents this week to $2.210 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
Oil prices slipped fractions of a penny over the weekend, reaching today’s national average price for regular unleaded gasoline of $2.31 per gallon. Today’s price is still two cents more than one week ago, four cents more compared to one month ago and 50 cents more per gallon year-over-year. Retail prices continue to fluctuate but have remained between $2.28-2.32 for more than a month as reports of increased U.S. production continues to counter OPEC rebalancing efforts.
Our region saw some of the most dramatic price increases this week for both Ohio (+9 cents), and Kentucky (+6 cents). Price increases can be attributed to issues at some regional refineries. Last week, Phillips 66 reported problems with an oil-processing unit at its 330,000-b/d Wood River refinery in Roxana, Illinois. OPIS reports that CITGO experienced power outages at its 185,200-b/d refinery in Lemont, Illinois, last week due to severe weather, while Exxon Mobil also experienced weather related issues at its 260,000-b/d Joliet refinery in Channahon, Illinois.
Today, markets opened posting crude oil losses pressured lower by an increasing U.S. rig count -Oil production in the U.S. continues to rise, and according to oil services company Baker Hughes, U.S. drillers added seven oil rigs last week, bringing the total rig count up to 609, the most since October 2015.
Traders will continue to watch how the market reacts to increased U.S. oil production. At the closing of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up 72 cents to settle at $53.33 per barrel.