AAA: Kentucky Gas Prices Rise; National Average Posts Smallest Increase in a Month

Gas prices in West Central Kentucky are three cents higher this week at $3.090, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                   $3.090
Average price during the week of October 25, 2021                              $3.060
Average price during the week of November 2, 2020                            $1.865 

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

$3.132        Bowling Green
$2.989        Elizabethtown
$3.171        Louisville
$3.037        Owensboro
$3.120        Paducah

Trend Analysis:

The national average price for a gallon of gas is higher at $3.40, but the two-cent rise over last week is the smallest weekly increase in a month. There has been a slight decline in domestic demand for gasoline, which signals the seasonal post-Labor Day price drop may have been delayed this year. The drop in demand has helped slow price increases, but elevated crude prices continue to put upward market pressure on pump prices, which will likely keep rising as long as oil prices are above $80 per barrel.

At the close of Friday’s formal trading session, West Texas Intermediate increased by 76 cents to settle at $83.57. Crude prices gained on the day due to market expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, will maintain production cuts during their meeting this week. However, crude prices took a slight step back on the week after EIA reported that total domestic crude supply increased by 4.3 million barrels to 430.8 million barrels.

Today’s national average of $3.40 is 21 cents more than a month ago, $1.27 more than a year ago, and 79 cents more than in 2019.

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