AAA: Kentucky Gas Prices Decrease; National Demand Increases

Gas prices in West Central Kentucky are three cents lower this week at $3.060, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                   $3.060
Average price during the week of November 1, 2021                            $3.090
Average price during the week of November 9, 2020                            $1.850 
 

Average prices of unleaded self-serve gasoline in various areas: 

$3.083        Bowling Green
$2.913        Elizabethtown
$3.308        Louisville
$2.983        Owensboro
$3.011        Paducah

Trend Analysis:

The price at the pump continued its slow climb, rising two cents on the week, with the national average for a gallon of gas hitting $3.42. This is the highest price since September 2014.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.5 million barrels to 214.2 million barrels last week. However, gasoline demand rose from 9.32 million barrels per day to 9.5 million barrels per day. The slight increase in demand has contributed to price increases, while elevated crude prices continue to put upward market pressure on pump prices.

At the close of Friday’s formal trading session, West Texas Intermediate increased by $2.46 to settle at $81.27. Although crude prices gained for the day due to a weakening dollar, crude prices mostly declined last week after EIA reported that total domestic crude supply increased by 3.3 million barrels to 434.1 million barrels last week. However, according to EIA’s data, the current storage level is approximately 10.4 percent lower than the same time the previous year. A tighter oil supply has helped to keep crude prices above $80 per barrel.