Gas Prices Decrease Fifth Week in a Row

Area Gas Prices Decrease Fifth Week in a Row West Central Kentucky gas prices dropped almost 8 cents to $3.547 per gallon this week. This is the fifth consecutive week prices have decreased, offering travelers a bit of reprieve as springtime arrives. On the National Front Today's national average price for a gallon of regular unleaded gasoline is $3.658. This price is 3 cents less than one week ago, 12 cents less expensive than one month ago and 24 cents less than the average price one year ago.

The highest national price to date this year was on February 27 at $3.79. It is still too soon to say whether retail prices have peaked for the spring because there is still refinery maintenance to be completed and much of the country has yet to transition to summer-blend gasoline. However, with the national average falling further below the year-ago price, AAA continues to predict that the national average will crest lower than recent years. In 2011 the national average for regular unleaded peaked at $3.98 on May 5. In 2012 the price peaked at $3.94 on April 5 and 6.

As the national average price of gasoline has drifted lower, motorists in the vast majority of states have felt welcome relief at the pump. Drivers in 41 states and Washington, D.C., pay less today than they did one month ago. Motorists in every state pay less today for gas than they paid on the same day in 2012.

Oil markets kept a wary eye on signs of economic instability overseas last week, following discussions of a 10 billion euro bailout package for Cyprus. While that country accounts for just 0.2 percent of the economic activity in the eurozone, there were some concerns that instability could spread to other economies if an agreement was not reached. Following news over the weekend that a bailout deal had been agreed to, crude oil prices moved higher Monday. At the close of formal trading on the NYMEX West Texas Intermediate (WTI) crude oil settled up $1.26 at $93.71 per barrel.

This week's West Central Kentucky average price: $ 3.547

Average price during the week of March 12, 2013: $ 3.629

The following is a list of the average price
 of unleaded self-serve gasoline in various areas: 
$3.527	Bowling Green
$3.495	Elizabethtown
$3.718	Louisville
$3.485	Owensboro
$3.510	Paducah