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AAA: Kentucky Gas Prices Increase with Oil Prices on the Rise

AAA: Kentucky Gas Prices Increase with Oil Prices on the Rise

Bill Stephens

February 9th, 2021

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Gas prices in West Central Kentucky are five cents higher this week at $2.294, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                             $2.294
Average price during the week of February 1, 2021                                        $2.246
Average price during the week of February 10, 2020                                      $2.145
 
Average prices of unleaded self-serve gasoline in various areas: 

$2.281        Bowling Green
$2.252        Elizabethtown
$2.389        Louisville
$2.195        Owensboro
$2.355        Paducah

Trend Analysis:
At $2.46, the national gas price average is more expensive on the week (+4 cents), the month (+16 cents) and the year (+2 cents). This past Saturday, February 6, was the first time in 340 days the national average was more expensive than a year ago. Today, nearly two-thirds of all state gas price averages are more expensive year-over-year. Pump prices continue to climb, in part due to expensive crude oil and the market’s growing optimism that demand will increase amid the vaccination roll-out.

Up to $56/barrel, crude oil increased last week following Organization of the Petroleum Exporting Countries’ (OPEC) decision to keep their production cuts unchanged—a decision influenced by the ongoing impact of the pandemic on gasoline demand. Crude has not been priced this high since January 2020. Typically, it can take a few weeks before pump prices see the impact of more expensive crude, and with crude accounting for more than 50% of the retail price, increases are very likely to continue.

On the week, 46 state gas price averages are more expensive with 13 states seeing a nickel or more increase. Motorists in Florida (+11 cents), Michigan (+11 cents) and West Virginia (+10 cents) saw the largest weekly increases.

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

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