AAA: Labor Day Travelers Welcoming Cheaper Gas Prices

Ahead of the Labor Day holiday weekend, the average price of gasoline across West Central Kentucky is six cents cheaper this week at $2.267 a gallon, according AAA East Central's Gas Price Report. 

The majority of Great Lakes and Central states saw pump prices push cheaper by as much as three cents this week. Statewide, gasoline is six cents cheaper on average across Kentucky at $2.35.

With a 1-million-barrel build, gasoline stocks increased for a third week and sit at their highest level since early April of this year, according to Energy Information Administration (EIA) data. Regional refinery utilization held strong at 99%, indicating that the region could expect cheaper gas prices next month, with one stipulation being any refinery maintenance planned in the fall.

This week's average prices: Western Central KY Average $2.267

Average price during the week of August 19, 2019 $2.326

Average price during the week of August 27, 2018 $2.599  

Average prices of unleaded self-serve gasoline in various areas:

$2.333- Bowling Green

$2.131- Elizabethtown

$2.449- Louisville

$2.177- Owensboro

$2.244- Paducah

On the National Front

At $2.59, the national gas price average is poised to be potentially the cheapest Labor Day weekend average in three years. Today's average is already nearly a quarter cheaper than during last year's holiday ($2.83) and four cents cheaper than 2017's Labor Day ($2.63). For Americans who bookend summer with road trips, they will find that two-thirds of all states have gas price averages that are nearly a quarter cheaper than last year. While some states may see gas prices increase by a few pennies ahead of the holiday weekend, any moves will likely be short-term.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased by $1.15 to settle at $54.17. Crude prices strengthened after the EIA revealed that total domestic crude inventories fell by 2.7 million barrels. Then, on Friday, crude oil prices took a downward turn as a result of continued trade tensions between the U.S. and China. Reuters reported that oil prices fell more than 2% on Friday after China unveiled retaliatory tariffs against $75 billion worth of U.S. goods. In response, President Trump tweeted that he would raise tariffs on $250 billion in Chinese goods from 25 to 30 percent on October 1. Market watchers will keep a close eye on U.S.-China trade talks and the impact increasing tariff costs could have on global crude oil demand.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 79 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.