Gas prices in West Central Kentucky are nine cents higher this week at $2.937, according to AAA East Central’s Gas Price Report.
This week’s average prices: Western Central KY Average $2.937
Average price during the week of September 13, 2021 $2.847
Average price during the week of September 21, 2020 $1.916
Average prices of unleaded self-serve gasoline in various areas:
$3.010 Bowling Green
$2.965 Elizabethtown
$3.050 Louisville
$2.805 Owensboro
$2.854 Paducah
Trend Analysis:
The national gas price average rose two cents on the week to $3.19, matching a seven-year-high last seen in early August. While the post-Labor Day period usually sees less demand and lower gas prices, this year, the impact of Hurricane Ida, followed two weeks later by Hurricane Nicholas, has slowed oil production and refinery recovery along the Gulf Coast.
Hurricane Nicholas complicated and slowed the recovery from Ida, but the seasonal drop-off in demand helped mitigate price increases on the week. However, this is only the mid-point for hurricane season and there have already been 17 named storms. Motorists could see price fluctuations into October.
True to seasonal form, the Energy Information Administration (EIA) reports gasoline demand has fallen 8% to 8.9 million barrels per day, the lowest since Memorial Day.
Approximately 23% of offshore Gulf of Mexico oil production remains offline. However, most storm-affected refineries are reporting some level of restarting. Once fully back online, refinery production will help to increase domestic supply levels, which took another step back by 2 million barrels to 218 million barrels in EIA’s latest report. This is the lowest stock level since the post-Hurricane Harvey period in 2017. The tightened supply level has contributed to an increase in oil prices, which hit a high of $72 per barrel last week, a level not seen since July. If the price of oil remains at this level or goes higher, it will likely result in higher prices at the pump.
Today’s national average of $3.19 is two cents more than a month ago and is $1.01 more than a year ago.
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.
