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Area Gas Prices Jump 20 Cents

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Area Gas Prices Jump 20 Cents -- West Central Kentucky gas prices have risen 20 cents this week, according to AAA East Central. A gallon of gasoline averages $3.598.

July 16, 2013: Across the Nation Today's national average price for regular unleaded gasoline is $3.635 per gallon. This price is two cents higher than one month ago, 15 cents more expensive than one week ago and 24 cents higher than the same day last year. The national average has now increased for nine days in a row, but remains almost 16 cents lower than the peak price this year of $3.79 on February 27.

Gas prices appear to have hit a summer-low of $3.47 on July 7, near the same date as the seasonal low price in recent years. In 2011 the national average bottomed at $3.54 per gallon on June 30. In 2012 it reached as low as $3.33 on July 2. While motorists across the country are feeling the squeeze of rising pump prices, the national average is still a full 50 cents below the all-time daily high of $4.11 per gallon on July 17, 2008. Drivers in most states are paying more for gasoline today than one week ago.

Motorists in the Midwest are seeing the most dramatic increase, led by a spike of 32 cents in Indiana and 30 cents in Michigan. These Midwestern increases are just the latest chapter in what has been a historically volatile several months for drivers in the region. Prices started rising sharply in recent weeks because of new refinery issues, continued tight supplies and higher crude oil prices. Expensive crude oil costs have pressured gasoline prices higher across the country. Events and unrest in Egypt have been a primary factor in surging oil prices. While Egypt is not considered a major oil producer, its proximity to the strategically important Suez Canal and major oil producing nations raise concern of a potential disruption to supply should violence escalate or spread. Pending an unforeseen market moving development, it seems likely that consumers will face increased retail prices in the coming weeks. The price of West Texas Intermediate (WTI) crude oil settled 37 cents higher Monday at $106.32 per barrel. This price is just 30 cents shy of the 15-month high set last Wednesday.

This week's West Central Kentucky average price: $ 3.598-- Average price during the week of July 9, 2013: $ 3.398

The following is a list of the average price of unleaded self-serve gasoline in various areas: $3.505 Bowling Green $3.550 Elizabethtown $3.861 Louisville $3.546 Owensboro $3.526 Paducah