AAA: Falling Gas Prices Benefit Summer Travelers

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Gas prices in West Central Kentucky are 12 cents lower this week at $3.208, according to AAA East Central’s Gas Price Report.

This week’s average prices: Western Central KY Average                            $3.208
Average price during the week of May 28, 2024                                              $3.328
Average price during the week of June 5, 2023                                               $3.238

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

$3.112        Bowling Green
$3.191        Elizabethtown
$3.721        Louisville
$2.977        Owensboro
$3.041        Paducah

Trend Analysis:
The national average for a gallon of gasoline has fallen six cents since last week to $3.53, the largest one-week drop thus far for 2024. The primary reasons are tepid demand and a lower oil price. Meanwhile, the Atlantic Hurricane season has begun, and forecasters are predicting it will be very active. It’s important to remember that a storm impacting the Gulf Cost oil production and refining centers could affect gas prices. Today’s national average is 13 cents lower than a month ago and two cents lower than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand fell slightly from 9.31 barrels per day to 9.14 last week. Meanwhile, total domestic gasoline stocks rose from 226.8 to 228.8 million barrels.

At the close of Wednesday’s formal trading session, West Texas Intermediate declined by 60 cents to settle at $79.23 a barrel. Prices fell despite the EIA reporting that crude oil inventories decreased by 4.2 million barrels from the previous week. At 454.7 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

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