This week’s average prices: Western Central KY Average $3.381
Average price during the week of August 15, 2022 $3.396
Average price during the week of August 23, 2021 $2.807
Average prices of unleaded self-serve gasoline in various areas:
$3.454 Bowling Green
The national average for a gallon of gas fell a nickel this past week to $3.90. Stable global oil prices and modest domestic demand for gasoline are pushing prices lower. Motorists are now benefiting from gas prices that are $1.11 less than their peak in mid-June. Today’s national average is 74 cents more than a year ago.
According to data from the Energy Information Administration (EIA), gas demand rose slightly from 9.12 million barrels per day to 9.35 million barrels per day last week, which is nearly identical to this time last year. Total domestic gasoline stocks decreased by nearly 5 million barrels to 215.7 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 increased by 27 cents to settle at $90.77. Crude prices increased at the end of the week due to EIA reporting that total domestic crude supply decreased by 7 million barrels to 425 million barrels. Crude prices declined earlier in the week after U.S. housing data showed that homebuilding dropped to its lowest level in 1.5 years in July. Lower housing demand also pushed oil demand expectations lower.