West Central Kentucky gas prices inched downward this week by a penny to $2.268 per gallon, according to AAA East Central’s Gas Price Report.
Defying the national trend, five states in the Great Lakes and Central region are paying more at the pump than a week ago, Kentucky (+3 cents). Gas prices in the region have been volatile throughout the year due to varying factors: demand, hurricane impact, inventory levels, etc.
This week’s average prices: Western Central KY Average $2.268
Average price during the week of October 9, 2017 $2.282
Average price during the week of October 17, 2016 $2.147
Average prices of unleaded self-serve gasoline in various areas:
$2.209 Bowling Green
On the National Front
As the national gas price average drops just two cents on the week to $2.47, many states east of the Mississippi are paying as much as eight cents less at the start of this week. While gas prices are more expensive than a year ago, the past five weeks of sustained weekly declines indicate that demand may be leveling out alongside refineries and pipelines returning to pre-hurricane operations.
In September, Hurricane Harvey drove gas prices to the highest price of the year – $2.67. That was a 32-cent increase inside of 12 days. Now nearly seven weeks post hurricane, gas prices have shown steady decline dropping a total of 20 cents since September 11, 2017.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 85 cents to settle at $51.45. Moving into Monday and the rest of the week, oil prices may continue their upward trend. EIA’s latest report showed a 2.7 million barrel decline in crude oil stocks, which correlates with seeing an increase in gasoline stocks around the country. On the U.S. crude oil production side, the EIA report noted that there was an 87,000 b/d decline in production rates in the lower 48 states. That news followed Baker Hughes, Inc. reporting that the U.S. dropped 5 oil rigs last week, landing at a total of 743. When combined, both data points (crude production and oil rigs) may point toward reduced U.S. crude production and its potentially reduced contribution to global supply, which may help bolster the price per barrel of oil as the fall continues.