Regional Gas Prices Increase Slightly

The average price of gasoline across western and central Kentucky is six cents more expensive this week at $2.67 per gallon, according to AAA East Central's Gas Price Report. 

Average prices across the state include: 

$2.57        Owensboro
$2.62        Paducah
$2.63        Bowling Green
$2.63        Elizabethtown
$2.90        Louisville

Motorists in the region can find gas prices as expensive as $3.01 in Illinois to as cheap as $2.58 in Missouri.

Gas prices are fluctuating across the Great Lakes and Central states.  Overall, most states saw moderate changes at a nickel or less, while other states saw larger increases (Kentucky, +6 cents to $2.72).  

Today's national gas price average hike of 4 cents sets a new high for the year at $2.88.  That's nearly 20 cents more than a month ago, and 63 cents more expensive than at the beginning of the year. 

With 17 states within a dime or already at $3/gal or more, the national average will likely surpass 2018's high of $2.97 set during Memorial Day weekend.

The mostly moderate changes at the pump come as a surprise, given the nearly 1.3 million-barrel drawdown in gasoline supplies and one percent drop in regional refinery utilization.  At 50.5 million barrels, it's the lowest level this year and a 6-million-barrel deficit compared to last year.

At the close of Friday's trading session, West Texas Intermediate fell $1.91 to settle at $63.30.  Crude prices dipped after Baker Hughes, Inc. revealed that the number of oil rigs in the U.S. fell by 20, landing at 805 last week.  Crude prices increased earlier in the week following the U.S. announcing that it would end the use of waivers for countries to import oil from Iran. 

Decreases in Iranian oil exports could tighten the supply in the global market, which has already seen decreases because of the ongoing U.S. sanctions against Iran and Venezuela, and OPEC's reduced production as a result of its agreement with its partners.

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