Kentucky Gas Prices Soar Amid Crude Oil Volatility
Gas prices in West Central Kentucky are continuing to rise, according to AAA East Central's Gas Price Report. The current average price of gas is $3.895 per gallon, up by 14 cents from last week.
The national average for a gallon of regular gasoline has also increased, rising 16 cents over the past week to $4.31. This surge in prices can be attributed to the volatility in the Strait of Hormuz, which has pushed crude oil back into the $100 per barrel range for the first time since July.
AAA's data shows that gasoline demand decreased last week from 8.92 million barrels per day to 8.55 million. Meanwhile, total domestic gasoline supply increased from 205.7 million to 206.9 million barrels, and gasoline production decreased from 9.8 million barrels per day to 9.3 million barrels.
According to the Energy Information Administration, these fluctuations in demand and supply have resulted in higher gas prices for consumers in Kentucky. The current prices are significantly higher than last year's average price of $2.757 per gallon, with Bowling Green averaging $3.965, Elizabethtown at $4.021, Louisville at $3.987, Owensboro at $3.727, and Paducah at $3.775.