Gas prices in West Central Kentucky are two cents higher this week at $2.911, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $2.911
Average price during the week of January 4, 2022 $2.895
Average price during the week of January 11, 2021 $2.168
Average prices of unleaded self-serve gasoline in various areas:
$2.979 Bowling Green
$2.758 Elizabethtown
$3.156 Louisville
$2.764 Owensboro
$2.896 Paducah
Trend Analysis:
Gasoline prices edged upward by two cents last week to hit $3.30 per gallon, driven primarily by the higher price of crude oil, which is closing in on $80 a barrel.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by 56 cents to settle at $78.90. Although prices moved lower on Friday due to contract pricing fluctuations at the beginning of the year and demand concerns over the COVID-19 omicron variant, crude prices increased overall last week amid conflict in Central Asia and after the Energy Information Administration (EIA) reported that total domestic crude stocks decreased by 2.1 million barrels to 417.9 million barrels.
According to new data from the EIA, total domestic gasoline stocks rose by 10.1 million barrels to 232.8 million barrels last week. On the other hand, gasoline demand decreased from 9.72 million barrels per day to 8.17 million barrels per day. Typically, pump prices decline due to lower gas demand and a rise in total stocks, but continued growth in the price of crude oil has helped to elevate pump prices.
Today’s national average of $3.30 is three cents less than a month ago and $1.01 more than a year ago.