Kentucky Sees Slight Drop in Pump Prices
Overview
As summer tourism continues to boom, the state of Kentucky is witnessing a slight decrease in its gas prices. This news comes as a relief to motorists, who are now paying an average of 13 cents less per gallon than they did the previous week, according to AAA East Central.
Current Gas Prices
As per the latest report, the average price per gallon in the commonwealth dropped to $3.04 for the week of June 24, 2024, from $3.17 the previous week. Last year, during the same timeframe, gas prices were considerably higher, with pumps charging an average of $3.28 per gallon.
Moving over to specific cities across the state, here’s what consumers are paying per gallon for unleaded self-serve gas:
- Bowling Green: $3.01
- Elizabethtown: $2.87
- Louisville: $3.40
- Owensboro: $2.87
- Paducah: $3.04
National Gas Price Trends
Meanwhile, the national average for a gallon of gasoline has remained steady over the past week, currently at $3.44, as increased supplies have counterbalanced slowly increasing demand. This figure is 16 cents lower than it was a month ago and 13 cents lower than last year, according to AAA.
Global Market Impact
On the global front, West Texas Intermediate saw an increase of 60 cents at the close of the formal trading session on June 20, settling at $82.17 a barrel. According to the Energy Information Administration, crude oil inventories decreased by 2.5 million barrels from the previous week. Lower crude inventories, coupled with geopolitical tensions, have contributed to an increase in crude prices, reveals AAA.
Conclusion
In conclusion, the decrease in pump prices in Kentucky signals a relief for the summer tourists and locals alike. Despite the fluctuating global oil prices, the apparent stability in the national average indicates a balance between supply and demand. However, with volatile elements such as geopolitical tensions at play, future gas prices remain uncertain and will require consumers to be vigilant.
