Gas prices in West Central Kentucky are 19 cents higher this week at $3.052, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $3.052
Average price during the week of October 4, 2021 $2.866
Average price during the week of October 12, 2020 $1.961
Average prices of unleaded self-serve gasoline in various areas:
$3.129 Bowling Green
$3.039 Elizabethtown
$3.126 Louisville
$2.938 Owensboro
$3.030 Paducah
Trend Analysis:
The national average price for a gallon of gas increased eight cents on the week to reach $3.27. This is the highest price since October 2014. The key driver for this recent rise in the price of gas is crude oil, which typically accounts for between 50% and 60% of the price at the pump. For the last several days, the cost of crude oil has been over $80 per barrel. And last week’s decision by OPEC and its oil-producing allies to not increase production further only exacerbated the upward momentum for crude oil prices.
According to new EIA data, total domestic gasoline stocks increased by 3.3 million barrels to 225.1 million barrels last week. Gasoline demand also increased slightly from 9.40 million barrels per day to 9.44 million barrels per day. This increase in gas demand aided in the national average’s rise.
Meanwhile, an October 1st breach and spill in a key pipeline supplying fuel to parts of the southeastern U.S. led to tightened regional supplies. Kinder Morgan Inc. (KMI) originally said it expected repairs to its southeastern products pipeline to be completed October 9, with a restart afterward. The repairs were slowed by the recent heavy rain and flooding around Birmingham, Alabama. The pipeline serves various metropolitan areas including Birmingham, Alabama; Atlanta, Georgia; Charlotte, North Carolina; and Washington, D.C.
Today’s national average of $3.27 is 10 cents more than a month ago, $1.09 more than a year ago, and 63 cents more than pre-pandemic in 2019.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 72 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.