(October 19, 2015) — West Central Kentucky gas prices have decreased nearly 13 cents, according to AAA East Central’s Fuel Gauge report. The national average is $2.26.
This week’s West Central Kentucky average price: $ 2.093
Average price during the week of October 12, 2015: $ 2.219
Average price during the week of October 21, 2014: $ 2.905
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.031 Bowling Green
$1.932 Elizabethtown
$2.274 Louisville
$2.146 Owensboro
$2.071 Paducah
On the National Front
The national average price for regular unleaded gasoline has fallen for 10 consecutive days, reaching today’s price of $2.26 per gallon. Today’s average is a low unseen since February 2015, and represents a savings of 55 cents per gallon compared to the 2015 peak price of $2.80.
Regional volatility is common at this time of year due to fluctuations in supply and demand, resulting from both planned and unplanned maintenance. Depending on the severity, these regional fluctuations in price can impact the national average. This year’s autumn refinery maintenance season was expected to be heavier than usual due to refineries operating at higher than normal rates in order to meet demand from the busy summer driving season.
However, ample domestic supply kept a ceiling on pump prices in addition to helping to keep the national average relatively steady since September 15. This factor has also been a contributing factor to prices moving lower over the past several days. Barring any unanticipated disruptions in supply, and/or spikes in the price of crude oil, the national average could fall below the $2 per gallon threshold for the first time since 2009 before the end of year.
A number of factors have the potential to shift the global price of crude oil in the weeks ahead. The Iranian nuclear deal is once again front-of-mind, as global negotiators continue to move forward, which could bring Iranian oil back to the market in as little as two months. China’s economic growth rate fell below seven percent for the first time since 2009, putting a damper on speculations that demand from this country could offset some of the market’s oversupply. West Texas Intermediate opened the week falling below the mid-$40 per barrel range, despite closing the week up 88 cents and settling at $47.26 per barrel.