Gas prices continued their precipitous drop over the last week, with AAA officials reporting west central Kentucky prices are 13 cents lower from the previous seven days — down to $3.40.
During the week of August 8, prices were averaging around $3.53.
During the same time last year, prices were averaging around $2.89.
Unleaded self-serve gasoline in this region included prices of $3.51 in Bowling Green, $3.28 in Elizabethtown, $3.78 in Louisville, $3.23 in Owensboro and $3.30 in Paducah.
The national average for a gallon of regular gas fell a dime to $3.95, courtesy of fewer drivers filling up and oil prices internationally stabilizing. Monday’s national average is 62 cents less than a month ago, but remains 77 cents more than a year ago.
In a recent survey procured by AAA, drivers are making “significant” changes to cope with high petroleum prices. More than two-thirds of U.S. adults have made some sort of shift in driving practices or lifestyles since March. Combining errands and driving less lead the way.
Gas demand rose from 8.5 million barrels per day to 9.1 million barrels per day last week, which is still 307,000 barrels per day lower than last year. Total domestic gasoline stocks decreased to 220.3 million, which is five million fewer than the week prior.
At the close of Friday’s trading, West Texas Intermediate fell $2.25 per share to $92.09. Crude prices also declined at the end of the week, with concerns that an economic slowdown would stymie crude demand.
Inflation closed at 8.5% in July.