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AAA: Kentucky Gas Prices Jump as Oil Prices Rally to Nine-Month High

AAA: Kentucky Gas Prices Jump as Oil Prices Rally to Nine-Month High

Bill Stephens

December 8th, 2020

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Gas prices in West Central Kentucky are 10 cents higher this week at $2.010, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                             $2.010
Average price during the week of November 30, 2020                                    $1.918
Average price during the week of December 9, 2019                                      $2.341
 
Average prices of unleaded self-serve gasoline in various areas: 

$2.080        Bowling Green
$1.813        Elizabethtown
$2.224        Louisville
$1.997        Owensboro
$1.935        Paducah

Trend Analysis:
Pump prices nationwide increased on the week despite U.S. gasoline demand falling below 8 million b/d, the lowest weekly reading since June and the lowest demand reading for the week of Thanksgiving since 1997. At $2.16, the national gas price average is more expensive on the week (+4 cents) and the month (+5 cents), but cheaper (-42 cents) compared to last year at this time.

Gains in crude oil prices (due to market optimism surrounding Coronavirus vaccines) and the OPEC decision to increase oil production next year has led to at a number of states seeing pump price jumps of 3 to 12 cents this week. Last week, crude oil prices (West Texas Intermediate) reached a high of $46/barrel, a price point not seen since early March.

If this trend ends or oil prices decrease, motorists may end up seeing cheaper gas as the holidays’ approach. Last December the national gas price average was $2.57. One week into the month this year, the average is $2.15.

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