AAA: Gas Prices Lower in Western Kentucky as National Average Decreases

Gas prices in West Central Kentucky are one cent lower this week at $2.822, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                       $2.822
Average price during the week of June 14, 2021                                       $2.838
Average price during the week of June 22, 2020                                       $2.009
Average prices of unleaded self-serve gasoline in various areas: 

$2.858        Bowling Green
$2.794        Elizabethtown
$3.100        Louisville
$2.688        Owensboro
$2.670        Paducah

Trend Analysis:

Increasing gasoline stock levels have helped to keep gas prices mostly stable across the country. On the week, 40 state gas price averages held steady or saw fluctuation of only one to two cents. This helped the national average decrease by a penny since last Monday, down to $3.07 today.

According to Energy Information Administration (EIA) data, total gasoline stocks sit at 242.9 million barrels, which is a 9 million barrel surplus compared to the same week in June 2019. Stock levels have increased in line with refinery utilization rates, which are at the highest rate since January 2020. Demand is also trending higher. In EIA’s latest report, demand increased by nearly 1 million barrels per day to 9.3 million barrels per day.

Despite the latest increase in demand, many motorists are not seeing significant pump price jumps due to increasing stock levels, which have significantly built over the last four weeks. During this same period, the national gas price average has only increased four cents.

Last week, the price of crude oil increased to $72 per barrel, but decreased by $2 per barrel at Friday’s close. If crude prices trend at this or a lower price point for a sustained period, that would help to minimize jumps at the pump through the end of this month.

Today’s national gas price average is more expensive on the month (+3 cents) and the year (+95 cents).

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