AAA: Kentucky Gas Prices Drop; Crude Prices Up and Down

Gas prices in West Central Kentucky are five cents lower this week at $2.895, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                   $2.895
Average price during the week of December 13, 2021                          $2.949
Average price during the week of December 21, 2020                          $2.037 

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

$2.990        Bowling Green
$2.782        Elizabethtown
$3.070        Louisville
$2.775        Owensboro
$2.858        Paducah

Trend Analysis:

Gasoline demand surged last week as pre-holiday consumer confidence increased, but the national average for a gallon of gas still dipped three cents to $3.30.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.52 to settle at $70.86. Crude prices declined last week due to growing market concerns that the omicron variant of COVID-19 will lead to a decrease in demand as governments around the globe increase measures to curb transmission rates. Additionally, crude prices declined despite EIA’s new data revealing that total domestic crude stocks decreased by 4.6 million barrels to 428.3 million barrels. The current stock level is 14.4 percent lower than mid-December 2020. 

According to recent data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 barrels to 218.6 million barrels last week. Meanwhile, gasoline demand increased from 8.96 million barrels per day to 9.47 million barrels per day. Typically, growing demand and tight supply would support rising pump prices; however, fluctuations in the price of crude oil have helped to put downward pressure on prices.

Today’s national average of $3.30 is 11 cents less than a month ago and $1.09 more than a year ago.

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