A Lot to Love at the Pump in West Central Kentucky
West Central Kentucky gas prices dropped by ten cents this week to $2.42 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
At $2.58, the national gas price average has decreased for the first time week-over-week this year. Today’s price is 3 cents less than last week, 6 cents more than a month ago and 30 cents more than a year ago
Consumer gasoline demand and gasoline inventories increased according to the latest EIA reports. Hitting its highest level this year, gasoline demand registered at 9.1 million b/d, a 169,000 b/d increase year-over year. Total U.S. gasoline inventories built by 3.4 million barrels to total 245.5 million, which sits about 1.4 million above the five-year average.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by nearly $2 to settle at $59.20. Price gains made throughout January, which saw a closing high of $66.27, were wiped away after trading last week. Last week’s losses, which were buoyed by a strengthening dollar, may continue into this week after EIA’s latest weekly petroleum report revealed that U.S. crude production hit 10.25 million b/d – a new record weekly production rate.
A sign of potentially explosive growth in U.S. crude production, the latest Baker Hughes, Inc. report found the active oil rig count in the U.S. grew by 26 new rigs last week to total at 791. This is the highest number of active rigs since April 2015, and it will likely push production to even higher levels later this year.
When it comes to local averages for one gallon of regular unleaded, Cave City, Park City and Glasgow are all in a tie for the lowest cost at $2.43 per gallon. Munfordville and Bowling Green are both at $2.38 and Edmonton and Horse Cave are both at $2.41. Tompkinsville is at $2.43. Smiths Grove and Brownsville are both at $2.49. Coming in a dime higher, and with the highest area average is Scottsville where motorists are paying an average of $2.59 per gallon