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Gas prices continue to fall

Staff report

Western Kentucky gas prices have dropped about one cent in the past week to roughly $3.357 a gallon, AAA Travel Services reported Tuesday, with prices in the region a little lower than prices statewide and Paducahans paying less at the pump than drivers in Louisville and Owensboro.

The association listed the average cost per gallon of regular, unleaded self-serve gas in Paducah at $3.320 -lower than Owensboro's at $3.359 and Louisville's $3.657, but slightly above Elizabethtown's $3.282 and Bowling Green's $3.165.

Prices for a gallon of unleaded regular gas in western Kentucky are nearly 25 cents less than a year ago with an average price of $3.357 this week compared to a price of $3.605 in 2013.

The average cost of gas per gallon of regular unleaded across the state was $3.417. AAA noted that Louisville has continued to have the highest price among the cities surveyed.

AAA also reported that Tuesday's national average gas price - about $3.43 - is the lowest for that calendar date since 2010, when the national average was $2.68. Tuesday's price is about 22 cents below the price on the same date in 2011 ($3.65) and about 40 cents less than 2012 ($3.83).

While geopolitical developments in Ukraine and Iraq remain front page news, oil markets have fallen steadily lower. The association stated that the drop reflects the assessment that global supplies remain unaffected.

The slide in oil prices continued Tuesday as West Texas Intermediate crude dropped $3.08 to $92.88 per barrel at the close of formal trading on the NYMEX. The price marks a decline of more than $10 per barrel since the start of July and is the lowest since Jan. 14.

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