Gas prices in West Central Kentucky are eight cents higher this week at $3.007, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $3.007
Average price during the week of February 27, 2023 $2.925
Average price during the week of March 7, 2022 $3.812
Average prices of unleaded self-serve gasoline in various areas:
$3.071 Bowling Green
$2.974 Elizabethtown
$3.021 Louisville
$2.910 Owensboro
$3.060 Paducah
Trend Analysis:
Since last Monday, the national average for a gallon of regular gasoline has increased by four cents to $3.40, which is still 12 cents less than a month ago and 28 cents less than a year ago. One reason for this week’s increase could be higher demand, as the cost of oil has barely budged for the past few weeks.
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.91 million to 9.11 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by nearly 1 million barrels to 239.2 million barrels last week. The increase in gas demand, amid tighter supplies, has contributed to rising pump prices.
Another reason for higher gas prices is that the seasonal switch to summer blend gasoline is underway. This blend lowers emissions but is more expensive to refine. Switching to summer blend can add about five to ten cents to the price of gasoline.
At the close of Wednesday’s formal trading session, West Texas Intermediate increased by 64 cents to settle at $77.69. Crude prices increased after the market saw that manufacturing activity rose in China last month, signaling that global oil demand may be more robust than anticipated this year. Additionally, the EIA reported that total domestic commercial crude inventories increased by 1.2 million barrels to 480.2 million barrels last week.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.
AAA East Central is a not-for-profit association with 70 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.