(July 25, 2016) — West Central Kentucky gas prices have dipped to $1.933 a gallon, according to AAA East Central’s Fuel Gauge report. The national average is $2.161.
| Average price during the week of July 27, 2015: | $ 2.452 |
The following is a list of the average price of unleaded self-serve gasoline in various areas:
| $1.953 | Bowling Green |
| $1.830 | Elizabethtown |
| $2.132 | Louisville |
| $1.899 | Owensboro |
| $1.844 | Paducah |
On the National Front
National pump prices have fallen for 43 of the past 44 days. The national average price for regular unleaded gasoline sits at $2.16 per gallon, which is the lowest mark since April and the lowest price for this date since 2004. With abundant fuel supplies across the nation and declining crude oil costs, gas prices dropped in 47 states over the past week. Gas prices have dropped in 48 states during the previous month with prices down by at least 25 cents per gallon in Illinois, Ohio, Kentucky, Indiana, and Michigan. Prices are substantially lower than one year ago in every state, headlined by California, where prices are more than a dollar cheaper than this time last year.
Today’s most common price in the country is $1.999 per gallon, and more than one-third of gas stations nationwide are selling gasoline for $2.00 per gallon or less. This is substantially higher than the seven percent of stations at or below this threshold a month ago and the fractions of percent that broke this mark a year ago.Gas prices are likely to remain low for the remainder of the summer compared to recent years. U.S. crude oil supplies are at their highest level for this time of year in 86 years; although domestic oil production has ticked lower each of the past nine months. While oil production has slowed slightly, fuel production has continued to rise.
Despite the lowest seasonal prices in 12 years, it’s important to note the possibility that unexpected events could trigger higher prices later this summer. For example, crude oil costs could rise due to disruptions in supply, stronger than expected economic growth or geopolitical tensions overseas. In addition, regional prices could increase due to refinery problems, production cuts, stronger than anticipated demand, or hurricanes that impact distribution and production. With domestic supplies at their highest seasonal levels in decades, a stronger U.S. dollar, and an uptick in the number of U.S. oil rigs, West Texas Intermediate crude oil is trading at its lowest price since early May. At the close of Friday’s formal trading session on the NYMEX, WTI was down 56 cents to settle at $44.19 per barrel.