West Central KY Gas Prices Drop Slightly

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West Central KY Gas Prices Drop Slightly

(June 13, 2016) -- West Central Kentucky gas prices have dipped a fraction of a cent to $2.339 a gallon, according to AAA East Central’s Fuel Gauge report. The national average is $2.378.

West Central Kentucky average price last week:

$ 2.349

Average price during the week of June 15, 2015:

$ 2.711

The following is a list of the average price of unleaded self-serve gasoline in various areas: 

$2.228

Bowling Green

$2.352

Elizabethtown

$2.608

Louisville

$2.264

Owensboro

$2.220

Paducah

On the National Front

The national average price of gas reached a new 2016 high over the weekend, and today’s average of $2.38 per gallon is the most expensive average since September 2015.  Although pump prices have increased for 28 of the past 33 days, consumers continue to benefit from yearly savings and prices are down 42 cents per gallon compared to a year ago.

The cost of crude oil has moved higher over the past few weeks, which has made gasoline more expensive to start the summer driving season. Crude oil prices have increased due to unexpected disruptions in places like Canada and Nigeria, while questions continue to mount over future production in Venezuela. Since early April, the cost of crude oil has increased by more than $13 per barrel to the highest levels since 2015. Prices may continue to fluctuate on the heels of news related to global oil supply and the U.S. dollar, which could have a major impact on what drivers pay for gasoline this summer.

Oil Market Dynamics

After reaching new 2016 highs, crude oil prices retreated to close out the week due to news of a strengthening U.S. dollar and data showing an uptick in the number of U.S. drilling rigs in operation. Both benchmarks opened the week by extending this trend of sliding prices, as concerns of revived production out of the U.S. and global demand concerns begin to resurface. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate closed down $1.49 and settled at $49.07 per barrel.

-AAA-

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