Gas Prices Continue to Drop in West Central Kentucky; National Average Sets 2018 Low

After dropping by 11 cents last week, gas prices in West Central Kentucky are down by another 11 cents this week to $2.217 per gallon according to AAA East Central’s Gas Price Report.

The gas price average in every Great Lakes and Central state is cheaper today than it was one year ago (Kentucky, -25 cents). With a 13-cent decrease, Kentucky has one of the largest drops in the region and country on the week ($2.14).

With a four percent jump in regional refinery utilization, gasoline stocks built by nearly 680,000 barrels on the week. According to the Energy Information Administration (EIA), the region saw stocks mostly build throughout November. Now at 46.8 million, they are at their highest point since the end of October.

This week’s average prices: Western Central KY Average $2.104
Average price during the week of November 26, 2018 $2.217
Average price during the week of December 4, 2017 $2.349

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

$2.104 Bowling Green

$2.026 Elizabethtown

$2.272 Louisville

$2.021 Owensboro

$2.098 Paducah

$1.978 Leitchfield

On the National Front
On the week, motorists in 32 states are paying less to fill up compared to a year ago. As the national gas price average drops to $2.46 it sets a new low price for the year and is cheaper than a year ago by two cents. The last time the daily national gas price average was cheaper year-over-year was 18 months ago on July 6, 2017 when gas prices were $2.24 (versus $2.26 on July 6, 2016). Not only is today’s national gas price average cheaper year-over-year, but also is 31-cents cheaper than a month ago and on the week, 24 states saw gas prices drop double digits.
Cheap crude oil prices are largely driving fuel savings at the pump. Last week, crude dropped to its lowest point of the year at $50/bbl. However, this week’s Organization of Petroleum Exporting Countries (OPEC) meeting could disrupt the cost of crude. OPEC is expected to make an announcement on production at its meeting this Thursday in Vienna, Austria. The scheduled OPEC meeting has not had a negative impact on pump prices so far.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 80 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.

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