AAA: Slight Uptick at the Pump in Kentucky This Week

Gas prices in West Central Kentucky are three cents higher 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 27, 2021                          $2.862
Average price during the week of January 4, 2021                                $2.074 

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

$2.976        Bowling Green
$2.756        Elizabethtown
$2.983        Louisville
$2.799        Owensboro
$2.962        Paducah

Trend Analysis:

Gasoline prices barely budged over the past week across the country. Today’s national average of $3.28 is the same as last week, eight cents less than a month ago, and $1.03 more than a year ago.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased slightly by 1.5 million barrels to 222.7 million barrels last week. Gasoline demand increased from 8.99 million b/d to 9.72 million b/d. Growing demand and tight supply would support more significant increases in pump prices, but fluctuations in the price of crude oil have helped to limit price increases.

At the close of yesterday’s formal trading session, West Texas Intermediate increased by 87 cents to settle at $76.08. Despite demand concerns over the omicron variant of COVID-19, crude prices have increased since the EIA reported that total domestic oil stocks decreased by 3.6 million barrels last week to 420 million barrels.

Meanwhile, the pre-Christmas fire at the Exxon Mobil Corp plant in Baytown, Texas, is causing some reduced gasoline output. Recent reporting, however, indicates the damage was to a non-refining section of the complex. The plant is the nation’s fourth-biggest oil refinery, with the capacity to process 560,500 barrels per day of crude.

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