Gas prices in West Central Kentucky are 18 cents lower this week at $3.884, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $3.884
Average price during the week of July 18, 2022 $4.062
Average price during the week of July 26, 2021 $2.791
Average prices of unleaded self-serve gasoline in various areas:
$3.861 Bowling Green
$3.754 Elizabethtown
$4.324 Louisville
$3.677 Owensboro
$3.806 Paducah
Trend Analysis:
According to new data from the Energy Information Administration (EIA), gas demand rose from 8.06 million barrels per day to 8.52 million barrels per day last week. However, that rate is 800,000 barrels per day lower than last year and is in line with demand during July 2020, when COVID-19 restrictions curbed demand. Additionally, total domestic gasoline stocks increased by 3.5 million barrels to 228.4 million barrels, signaling that low demand led to growth in inventory last week.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.65 to settle at $94.70. Crude prices declined last week as the market continues to worry that weak demand, which is typically strong throughout the summer, could continue to push prices lower. A strengthening dollar also helped to push crude prices lower last week.