West Central Kentucky Gas Price Increase Hits Drivers Where it Hurts
Gas prices in West Central Kentucky jumped by 14 cents this week to $2.184 per gallon, according to AAA East Central’s Gas Price Report.
All states in the Great Lakes and Central states saw gasoline prices increase on the week, on average by six cents. Five states saw some of the country’s largest price increases this week, including Kentucky (+11 cents). As gas prices increase, stockpiles fell in the region by 1.2 million barrels, indicating an increase in regional demand.
This week’s average prices: Western Central KY Average $2.184
Average price during the week of July 3, 2017 $2.045
Average price during the week of July 11, 2016 $2.083
Average prices of unleaded self-serve gasoline in various areas:
$2.167 Bowling Green
On the National Front
For the first time in five weeks, the national average gas price is increasing. At $2.26, today’s price has been moving higher since July 6 and is three cents more than last week. The moderate price surge follows a week of solid demand growth and a third straight week of gasoline inventory drawdowns across the country.
Of the states seeing jumps in gas prices, Indiana, Ohio, Michigan and Kentucky top the charts with double-digit increases. Thirteen states, mostly on the West Coast and in the Rockies, saw prices decrease by pennies. Across the country, consumers can find gas for $2.25 or less at 58 percent of gas stations.
Last week’s market losses continued into Monday morning, with West Texas Intermediate opening just below $44 per barrel. Last week’s EIA report showed encouraging trends for the market, revealing increased gasoline demand and a decrease in crude storage levels. Typically, this would lead the market to believe that increasing gasoline demand is beginning to drain the glut of crude that has kept prices low for most of the year. However, some new information has indicated that the glut of crude oil may be replenishing at a faster rate than expected, including an increase in U.S. oil rigs and an increase in oil production from Libya and Nigeria.