Gas prices in West Central Kentucky are three cents higher this week at $3.755, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $3.755
Average price during the week of April 18, 2022 $3.723
Average price during the week of April 26, 2021 $2.642
Average prices of unleaded self-serve gasoline in various areas:
$3.726 Bowling Green
$3.537 Elizabethtown
$4.011 Louisville
$3.676 Owensboro
$3.826 Paducah
Trend Analysis:
Despite several weeks of declining prices, the national average for a gallon of regular gas has risen four cents over the past week to $4.12. Concerns that less Russian oil will enter the global market combined with fears of a COVID-induced economic slowdown in China are causing oil prices to hover around $100 a barrel. As long as the price of oil stays elevated, pump prices could continue to trend upward. This week’s national average is still 12 cents less than a month ago but $1.24 more than a year ago.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by nearly 1 million barrels to 232.3 million barrels last week. Gasoline demand increased slightly from 8.73 million barrels per day to 8.86 million barrels per day. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating oil price continues to be the main factor influencing prices at the pump.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.72 to settle at $102.07. Crude prices declined despite EIA reporting that total domestic oil inventories decreased by 8.1 million barrels to 413.7 million barrels.