According to AAA’s East Central Gas Report, petrol prices are down an average four cents this week to $2.89/gallon.
Paducah’s average is a reported $2.86/gallon, while Owensboro is sitting near $2.76/gallon.
Both gas demand and supply have decreased in recent weeks, moving from 9.78 million barrels per day last week, to 9.43 million barrels today. Summer gas demand is likely softening not only due to the start of school — which naturally limits family travel — but concerns about COVID-19 continue to gain strength, as infection rates explode.
Furthermore, domestic gas stocks have declined by 1.3 million barrels — down to 227.5 million.
Demand is minimizing pump prices, but not as much as they could be, as elevated crude prices continue to keep costs higher than anticipated as the summer months draw to a close.
The U.S. average over the last week is $3.18/gallon after peaking at its highest price in 2021. This time last summer, the national gas average was $2.17/gallon.
Drivers should anticipate a price hike near Labor Day weekend, before costs begin to tumble heading into the fall holiday season.
