Even with a major holiday in the rearview mirror, gas prices in western Kentucky jumped 12 cents in the past week according to the AAA East Central Gas Price Report.
The average price for a gallon of gas in west central Kentucky was $3.26 a gallon, up from last week’s $3.14 price. One year ago, the price of gas was $4.06 a gallon.
According to the mobile app Gas Buddy, gas prices in Cadiz on Tuesday ranged from $3.29 at the interstate to $3.23 at the lakes and $3.09 in Cadiz.
In Hopkinsville, prices ranged from $283 to $3.09 Tuesday. In Oak Grove it averaged $2.95 and was $3.14 in Crofton.
Across the state, gas prices ranged from $3.03 in Owensboro to $3.14 in Paducah and $3.26 in Bowling Green.
The main culprit is a higher price for oil, which moved from the upper $60s per barrel recently to the mid-$70s. Oil prices have increased partly due to rising market optimism that fewer interest rate hikes may be on the horizon. Although lower gas demand typically pushes pump prices lower, rising oil prices have lifted them. If oil prices continue to rise, pump prices will likely follow suit.
