AAA: Gas Prices Continue to Drop

Gas prices in West Central Kentucky are 13 cents lower this week at $3.396, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                $3.396
Average price during the week of August 8, 2022                              $3.526
Average price during the week of August 16, 2021                            $2.891 

Average prices of unleaded self-serve gasoline in various areas: 

$3.507        Bowling Green
$3.282        Elizabethtown
$3.775        Louisville
$3.228        Owensboro
$3.299        Paducah

Trend Analysis:

The national average for a gallon of regular gas fell 10 cents in the past week to $3.95, due primarily to stable oil prices and fewer drivers fueling up. Today’s national average is 62 cents less than a month ago, but 77 cents more than a year ago.

AAA finds that drivers are making significant changes to cope with high pump prices. In a recent survey, almost two-thirds of U.S. adults have changed their driving habits or lifestyle since March. Drivers’ top two changes to offset high gas prices are driving less and combining errands. While gas demand rose from 8.54 million barrels per day to 9.12 million barrels per day last week, the rate is 307,000 barrels per day lower than last year. Also, total domestic gasoline stocks decreased by 5 million barrels to 220.3 million barrels. Although gasoline demand has risen and supplies have tightened, easing oil prices have helped lower pump prices.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $2.25 to settle at $92.09. Crude prices declined at the end of the week due to concerns that an economic slowdown could cause crude demand to stagnate or decline. Prices did rise earlier in the week after the U.S. Bureau of Labor Statistics reported a smaller than expected increase in inflation last month at 8.5 percent. The rise in market optimism helped to boost prices despite the Energy Information Administration (EIA) reporting that total domestic crude supply increased by 5.4 million barrels. 

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