Just in time for the winter holidays, gas prices continued their downward trend opening this week — with west central Kentucky showing 12 cents lower than last, down to an average $2.74 a gallon.
According to the AAA East Central Gas Report, prices this time last week hovered around $2.86 a gallon. This time last year, it was $2.90 a gallon.
As of Monday, it’s ranging from $2.59 to $2.73 in Caldwell County, from $2.63 to $3.37 in Lyon County, from $2.79 to $2.99 in Trigg County, from $2.41 to $2.62 in Christian County and around $2.57 in Todd County.
In some other important locations, it’s roughly $2.79 in Bowling Green, $2.61 in Elizabethtown, $3.14 in Louisville, $2.50 in Owensboro and $2.68 in Paducah.
The national average also dipped this week, down 12 cents to $3.14. That’s 54 cents lowers than a month ago, 16 cents less than a year ago, and now 20 states are experiencing averages below $3/gallon.
Per the Energy Information Administration and its most recent assessment, gas demand decreased slightly from 8.36 to 8.26 million barrels per day last week.
This directly correlates with the arrival of the winter driving season, as fewer people will hit the roads due to shorter daylight hours and the potential hazard of treacherous road conditions nationwide.
The cost of oil has fallen to the low-and-mid $70’s per barrel in this downturn, $50 less than last spring’s calamitous peak. And at the close of Friday’s formal training, West Texas Intermediate had decreased nearly $2 to settle at $74.29.
Crude oil prices decreased again last week, too, due to a weakening American dollar, and ongoing market concerns that a recession in 2023 could push oil demand and prices even lower than they are now.
