AAA: Gas Prices Lower in Western Kentucky; Crude Oil Prices Continue to Climb

Gas prices in West Central Kentucky are four cents lower this week at $2.838, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                       $2.838
Average price during the week of June 7, 2021                                         $2.878
Average price during the week of June 15, 2020                                       $1.986
Average prices of unleaded self-serve gasoline in various areas: 

$2.887        Bowling Green
$2.714        Elizabethtown
$3.078        Louisville
$2.747        Owensboro
$2.766        Paducah

Trend Analysis:
At $71 per barrel, crude oil has increased to its highest price since October 2018 and is now $23 per barrel more expensive than it was this past January. Crude prices have steadily climbed this year along with optimism for the COVID-19 vaccine and the promising impact it will have for global gasoline demand. Additionally, crude prices were bolstered by the latest Energy Information Administration (EIA) report revealing that total domestic crude supplies decreased by 5.2 million barrels to 474 million barrels last week. For this week, crude prices could continue to rise if EIA’s report shows another inventory decline.

Motorists are paying, on average, 37% more to fill up than the start of the year. Prices for the rest of the month are likely to push more expensive, but if crude production increases as forecasted, there is the possibility of seeing some relief at the pump later this summer.

Today’s national gas price average is $3.08, which is three cents more on the week, a nickel more on the month and 98 cents more on the year. The latest increases at the pump are attributed to the steady climb in crude prices, especially as gasoline demand decreased (−670,000 barrels per day) and gasoline supply increased (+7 million barrels), according to the latest EIA data. 

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