Beech Tree News Network

Gas prices in West Central Kentucky are 12 cents lower this week at $3.142, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                      $3.142

Average price during the week of November 21, 2022                             $3.261

Average price during the week of November 29, 2021                        $2.997 

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

$3.183        Bowling Green

$2.990        Elizabethtown

$3.602        Louisville

$2.857        Owensboro

$3.079        Paducah

Trend Analysis:

The national average for a gallon of gas dropped 12 cents this week to $3.54, which is 22 cents less than a month ago and 15 cents more than a year ago. It is the steepest weekly decline since early August.

According to data from the Energy Information Administration (EIA), gas demand, excluding holiday travel, fell from 8.74 million to 8.33 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by more than 3 million barrels to 211 million barrels. Increasing supply and fewer drivers fueling up have pushed pump prices lower.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.66 to settle at $76.28. Crude prices dropped last week due to growing economic concerns despite the EIA reporting that total domestic commercial crude stocks had declined by 3.7 million barrels. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are meeting on December 4. If OPEC+ decides to revise its production reduction agreement to more than 2 million barrels, prices could be affected.

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