AAA: Gas Prices Stable in Kentucky; National Average Unaffected by Tropical Storm

Gas prices in West Central Kentucky are a steady this week at $1.984, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                            $1.984
Average price during the week of July 27, 2020                                              $1.987
Average price during the week of August 5, 2019                                           $2.504
 
Average prices of unleaded self-serve gasoline in various areas: 

$1.914        Bowling Green
$1.876        Elizabethtown
$2.361        Louisville
$1.803        Owensboro
$1.965        Paducah

Trend Analysis:
On the week, the national gas price average held steady at $2.18, as most state averages saw minimal changes. Apart from a few states –  Florida (+10 cents), Utah (+10 cents) and Idaho (+5 cents) – averages either decreased by less than four cents or increased by no more than two pennies.  

Gas prices are trending cheaper despite an increase in demand. Up 3% over last week, gasoline demand measured at 8.8 million b/d – the highest reading since the pandemic started. However, according to the Energy Information Administration (EIA), year-over-year demand is down about 8%.

Today’s national average has been largely unaffected by Tropical Storm Isaias. The storm, according to the National Hurricane Center, is likely to regain hurricane strength before reaching the coast between northeastern South Carolina and southern North Carolina later today. Given lower than normal U.S. gasoline demand and healthy stock levels, gas prices nationally are not likely to be impacted by Isaias.

At the end of Friday’s formal trading session, West Texas Intermediate increased by 35 cents to settle at $40.27 per barrel. Domestic crude prices increased after the EIA’s latest weekly report revealed that inventories decreased by 10.6 million barrels, bringing the current total to 526 million barrels. The price increase, amid increasing gasoline demand, could mean that the domestic crude market is meeting demand and production is stabilizing as coronavirus infections continue to increase worldwide. If crude supplies continue to decline alongside rising demand, domestic crude prices could continue to increase this week.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 78 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.