Ahead of the Independence Day weekend, gas prices in West Central Kentucky fell by four cents this week to $2.080 per gallon, according to AAA East Central’s Gas Price Report.
One of the most volatile regions as of late, the Great Lakes and Central States saw some stability on the week. Ten states saw prices decrease on average by 2 cents. Three states saw the only increases in the country. For the first time in three weeks, gasoline inventory declined. According to the Energy Information Administration (EIA), inventory sits at nearly 55 million barrels, similar to this time last year inventory levels.
This week’s average prices: Western Central KY Average $2.080
Average price during the week of June 19, 2017 $2.120
Average price during the week of June 27, 2016 $2.231
Average prices of unleaded self-serve gasoline in various areas:
$1.979 Bowling Green
On the National Front
Despite a surge in gasoline demand on the week, the national average price for gasoline is nearing an all-time low for the year at $2.26/gallon. On the week, gas prices fell in all but three states, and the national average has fallen for 24 consecutive days. Today’s national average is three cents cheaper than a week ago and eleven cents cheaper than a month ago. Heading into Independence Day weekend, gasoline is four cents less than a year ago.
Record refinery rates and high gasoline and crude inventory are among the contributing factors causing the downward price trend. Refinery production has easily met demand from drivers and has left gasoline stockpiles at high levels. This is good news for people planning to travel for the Independence Day holiday. AAA forecasts 37.5 million Americans will drive to their holiday destination, which potentially can mean a small increase in holiday weekend gas prices. But in light of the gasoline surplus, the increase may amount to pennies at most.