West Central Kentucky gas prices go down by 4 cents this week to $2.221 a gallon, according to AAA East Central’s Fuel Gauge report. The national average is $2.258.
On the National Front
The national average price for regular unleaded gasoline has increased for 12 of the past 14 days, reaching today’s price of $2.26 per gallon. Today’s average price up three cents since last week.
Pump prices in the Great Lakes region saw significant increases over the past week. Regional prices remain impacted by two factors – seasonal refinery work at key plants like BP’s 430,000-b/d Whiting refinery and replenishment of inventory lost last month, when product had to be moved from Ohio, Indiana and Illinois to assist states in the Southeast impacted by problems on the Colonial Pipeline. While prices in recent weeks have been a mixed bag of increases and decreases, regional prices over the past week have moved universally higher, with Ohio making the top five list, with an 8 cent increase.
While still largely cheaper than one month ago, prices in the Mid-Atlantic and Northeast have moved higher over the past week which can likely be attributed to Hurricane Matthew’s impact on the Southeast region. Increases have been most evident in the Mid-Atlantic, where Pennsylvania made the list of top-15 largest weekly increases with a 4 cent increase.
Attention is now focused on whether the Organization of Petroleum Exporting Countries (OPEC) will alter production in order to influence prices higher. OPEC members are scheduled to have a number of meetings before the end of November in order to identify the details of an output agreement, which has supported the bearish sentiment for crude oil over the past week. Traders will keep a close eye on OPEC negotiations moving forward and will be on the lookout for an oil production framework. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was down 63 cents to settle at $49.81 per barrel.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
This week’s average prices: Western Central KY Average $2.221
Average price during the week of October 3, 2016 $2.259
Average price during the week of October 12, 2015 $2.219
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.290 Bowling Green
$2.187 Elizabethtown
$2.370 Louisville
$2.110 Owensboro
$2.147 Paducah
AAA East Central is a not-for-profit association with 82 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.