Gas prices in West Central Kentucky dropped by about five cents this week to $2.176 per gallon, according to AAA East Central’s Gas Price Report.
Despite a nearly 800,000 barrel build in gasoline, low inventory levels are driving gas prices up in the Great Lakes and Central States. As we’ve seen for most of the year, the region remains volatile. On the week, gas prices increased in a total of seven states, decreased in three states (including Kentucky, -4 cents), and remained flat in three states.
This week’s average prices: Western Central KY Average $2.176
Average price during the week of August 7, 2017 $2.230
Average price during the week of August 15, 2016 $1.997
Average prices of unleaded self-serve gasoline in various areas:
$2.080 Bowling Green
On the National Front
Today’s national average price for regular unleaded gasoline is $2.35 per gallon, which is flat on the week, nine cents more than one month ago, and 22 cents more than last year. Compared to seven days ago, gas prices are more expensive in 27 states, cheaper in 12 states and flat in 12 states. The West Coast, Rockies and Midwest regions are seeing the bulk of the increases at the pump.
After closing on the NYMEX at $48.82 per barrel on Friday, West Texas Intermediate started moving downward Monday morning amid concerns from investors that U.S. production will continue to add to the global crude glut. According to Baker Hughes, Inc., three oil rigs were added to the U.S. count last week, totaling 768, which is 372 rigs more than last year’s count at this time. Even with declining crude inventories giving the market greater confidence, the growing rig count remains a concern as it indicates that oil companies are still investing heavily in U.S. production.
Additionally, last week, the EIA published a report that pointed to a revised record gasoline demand for the week that ended on July 28. The demand figure for the week ending on August 4th noted a small pullback, but overall the last four weeks of gasoline demand have been on par with that of a year ago. If seasonal demand remains strong, drivers will potentially see prices continue to climb across the country.