AAA: Gas Prices Fall in Kentucky
Gas prices in West Central Kentucky are seven cents lower this week at $3.333, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $3.333
Average price during the week of April 17, 2023 $3.407
Average price during the week of April 25, 2022 $3.755
Average prices of unleaded self-serve gasoline in various areas:
$3.382 Bowling Green
$3.206 Elizabethtown
$3.657 Louisville
$3.158 Owensboro
$3.263 Paducah
Trend Analysis:
The recent increases in oil costs took a break this past week, with the price of oil falling into the upper $70’s per barrel. The national average for a gallon of regular gasoline rose less than a nickel to hit $3.66. Today’s national average is 22 cents more than a month ago but 46 cents less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.94 to 8.52 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased slightly by 1.3 million barrels to 223.5 million barrels. Lower demand, alongside growth in stocks, would typically push pump prices down; however, elevated oil prices over the past month pushed them higher.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $1.70 to settle at $79.16. Oil prices fell amid ongoing market concerns that future interest rate increases could tip the economy into a recession, likely leading to reduced oil demand and prices. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 4.5 million barrels to 466 million barrels last week.
Meanwhile, U.S. refineries are returning to service from extensive winter/spring maintenance. The EIA said total input rose last week by 330,000 barrels per day to 16.44 million barrels per day, putting it above this time last year. More refinery operations will be restarted in the next three weeks, with some planned work extending into June.
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.