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AAA: Western Kentucky Gas Prices Lower as Demand Drops

AAA: Western Kentucky Gas Prices Lower as Demand Drops

Bill Stephens

October 20th, 2020

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Gas prices in West Central Kentucky are seven cents cheaper this week at $1.894, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                             $1.894
Average price during the week of October 12, 2020                                        $1.961
Average price during the week of October 21, 2019                                        $2.402
 
Average prices of unleaded self-serve gasoline in various areas: 

$1.922        Bowling Green
$1.772        Elizabethtown
$2.132        Louisville
$1.815        Owensboro
$1.831        Paducah

Trend Analysis:
Gasoline demand, according to the Energy Information Administration (EIA), lowered for the week ending Oct. 9, decreasing from 8.90 million b/d to 8.58 million b/d. Even though total gasoline stocks and imports have also fallen, the lower demand contributed to pump price decreases for most of the country. 

Today’s national average is $2.16, which is two cents less than a week and month ago and 49 cents cheaper than last year. On the week, a few Mid-West states saw much larger decreases: Indiana (-6 cents), Michigan (-6 cents), Ohio (-5 cents) and Kentucky (-5 cents), which could be attributed to an increase in regional stock. A penny gas price increase was seen in these states since last Monday: Utah ($2.40), New Jersey ($2.24), Alaska ($2.50), Georgia ($2.00), South Dakota ($2.10) and Hawaii ($3.24). 

At the close of Friday’s formal trading session, West Texas Intermediate decreased by eight cents to settle at $40.88. Domestic crude prices decreased at the end of last week due to market concern regarding an increase in coronavirus infections worldwide. Prices lowered despite EIA’s new weekly report showing that total domestic crude inventories declined by 3.8 million barrels to 489.1 million. For this week, ongoing demand concerns could cause prices to decrease further.

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

AAA East Central is a not-for-profit association with 76 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.  News releases are available at news.eastcentral.aaa.com.  Follow us on Twitter and Facebook.

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