Gas prices in West Central Kentucky are 13 cents lower this week at $3.011, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $3.011
Average price during the week of November 28, 2022 $3.142
Average price during the week of December 6, 2021 $2.964
Average prices of unleaded self-serve gasoline in various areas:
$3.069 Bowling Green
$2.854 Elizabethtown
$3.453 Louisville
$2.732 Owensboro
$2.947 Paducah
Trend Analysis:
Today’s nationwide average for a gallon of regular gasoline is $3.38. This is 16 cents lower than last week, 41 cents lower than one month ago, and three cents more than a year ago. This week’s plunge in gas prices nationwide may be partly a result of Sunday’s meeting of OPEC+, a group of 23 oil-producing nations, including Saudi Arabia and Russia. OPEC+ decided to maintain output cuts of 2 million barrels per day, about 2% of world demand. The purpose of the move is to boost the global price of oil, which has fallen recently on fears of demand weakness, specifically in China.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.24 to settle at $79.98. A weaker dollar contributed to decreasing prices. Earlier in the week, crude prices were boosted by the Energy Information Administration (EIA) reporting that total domestic commercial crude stocks fell dramatically by 12.6 million barrels. The domestic commercial crude supply is 14 million barrels lower than at the end of November 2021.
According to data from EIA, gas demand held steady at 3.2 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by nearly 2.8 million barrels to 213.8 million barrels. Increasing supply and steady gasoline demand have contributed to pushing pump prices lower.
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. Follow us on Twitter and Facebook.
