Beech Tree News Network

Gas prices in West Central Kentucky are three cents lower this week at $2.862, according to AAA East Central’s Gas Price Report.  Despite this small decline, prices in the region end 2021 nearly 80 cents higher than this time last year.

This week’s average prices: Western Central KY Average      $2.862

Average price during the week of December 20, 2021           $2.895

Average price during the week of December 28, 2020           $2.070

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

$2.985 – Bowling Green

$2.773 – Elizabethtown

$3.004 – Louisville

$2.734 – Owensboro

$2.816 – Paducah

Trend Analysis:

Gasoline prices fluctuated over the past few days as fears of an omicron-driven economic slowdown were countered by news of a severe fire at a major oil refinery.  Last Thursday, a fire erupted at the Exxon Mobil Corp refinery in Baytown, Texas.  The plant is one of the largest refining and petrochemical facilities in the United States.  If the damage forces the plant offline for long, the disruption could negatively affect gasoline prices.  The recent steady decline in pump prices has slowed, with the national average for a gallon of gas falling two cents on the week to $3.28.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 5.5 million barrels to 224.1 million barrels last week.  On the other hand, gasoline demand decreased from 9.47 million b/d to 8.99 million b/d.  Typically, falling demand and increased supply would support larger drops in pump prices, but fluctuations in the price of crude oil have helped to keep pump prices elevated.

At the close of last week’s formal trading session, West Texas Intermediate increased by $1.03 to settle at $73.79.  Despite demand concerns over the omicron variant of COVID-19, crude prices increased after the EIA reported that total domestic crude stocks decreased by 4.7 million barrels last week to 423.6 million barrels.  The current stock level is 15.2 percent lower than in December 2020, contributing to pressure on domestic crude prices.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 72 local offices in Kentucky, New York, Ohio, Pennsylvania, and West Virginia serving 2.7 million members.  News releases are available at news.eastcentral.aaa.com.  Follow us on Twitter and Facebook.

For More Information, Contact:
Lynda Lambert, Media Spokesperson and Safety Advisor
Desk: 502-779-3610 / Cell: 502-565-7410 / Email: [email protected]

-AAA-