West Central Kentucky gas prices increased by nearly seven cents this week to $2.407 per gallon, according to AAA East Central’s Gas Price Report.
Compared to a year ago, more than a dozen Great Lakes and Central states are paying at least 25 cents more a gallon to fill up their tanks (Kentucky, +32 cents). The region is also again seeing gas prices increase more than any other region in the country. The price volatility is attributed to the continued regional trend of gasoline inventory declines; with 45.5 million barrels, the region has seen levels drop for six straight weeks.
This week’s average prices: Western Central KY Average $2.407
Average price during the week of October 30, 2017 $2.341
Average price during the week of November 7, 2016 $2.066
Average prices of unleaded self-serve gasoline in various areas:
$2.304 Bowling Green
On the National Front
According to the Energy Information Administration (EIA), the latest gasoline demand measurement is the highest for the end of October since 2006. At $2.53, today’s gas price is six cents more than a week ago, two cents more than a month ago and 31 cents more than a year ago. The national gas price average during the second half of October was relatively stable, fluctuating a penny or two until October 31. Since then, the national price has seen upward movement, primarily resulting from increased demand and tightening supply.
Last week, West Texas Intermediate hit a new 2017 high at $54.54 and the market will likely build on those gains this week. At the close of Friday’s formal trading session on the NYMEX, WTI settled up $1.10/bbl at $55.64/bbl. The latest EIA report showed major inventory draws and increased exports, both of which have helped push oil prices higher. All of this news has given market observers renewed confidence in seeing oil prices pushing higher as supplies appear to grow tighter and demand remains strong.