Beech Tree News Network

Gas prices in West Central Kentucky are 14 cents lower this week at $3.069, according to AAA East Central’s Gas Price Report. This week’s average prices: 

Western Central KY Average--$3.069

Average price during the week of June 3, 2024--$3.208

Average price during the week of June 12, 2023--$3.225

Average prices of unleaded self-serve gasoline in various areas: 

$3.072        Bowling Green

$2.956        Elizabethtown

$3.482        Louisville

$2.861        Owensboro

$2.975        Paducah

Trend Analysis:

As the summer vacation season gets underway, gasoline prices continue their downward trend, falling nine cents since last week to $3.44. It marks the largest weekly drop of the year. Tepid gasoline demand, increasing supply and lower oil costs are contributing to the drop in gas prices. Today’s national average is 19 cents less than a month ago and 18 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand dipped from 9.14 barrels per day to 8.94 last week. Meanwhile, total domestic gasoline stocks jumped from 228.8 to 230.9 million barrels.

At the close of Wednesday’s formal trading session, West Texas Intermediate rose by 82 cents to settle at $74.07 a barrel. Last Thursday, the price was $77.91. The EIA reports that crude oil inventories increased by 1.2 million barrels from the previous week. At 455.9 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year. 

Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.