Gas prices in West Central Kentucky are eight cents lower this week at $3.453, according to AAA East Central’s Gas Price Report.
Average price during the week of August 21st was $3.53
Average price during the week of August 29, 2022 was $3.354.
Average prices of unleaded self-serve gasoline in various areas:
$3.485 Bowling Green
$3.290 Elizabethtown
$3.888 Louisville
$3.241 Owensboro
$3.360 Paducah
Trend Analysis:
The national average for a gallon of gas dropped four cents since last week, despite growing gas demand. However, the price of oil has declined and is staying around $80 per barrel, contributing to lower pump prices. As Labor Day approaches, gas demand and volatile oil prices, particularly during an active hurricane season, could impact prices. Today’s national average is eight cents more than a month ago but four cents lower than a year ago.
According to new data from the Energy Information Administration, gas demand jumped last week, while total domestic gasoline stocks increased slightly. Although demand increased, growing stock levels contributed to pushing prices lower.
Oil prices have declined amid market concerns that an economic slowdown in China, the world’s largest importer of crude oil, could push global oil demand down. The price of oil has declined despite the EIA reporting that total domestic commercial crude inventories decreased by a little more than 6 million barrels last week.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.
