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Local Gas Prices Jump 15 Cents Over Past Week

Local Gas Prices Jump 15 Cents Over Past Week
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By West Kentucky Star Staff
May. 22, 2017 | PADUCAH, KY
By West Kentucky Star Staff May. 22, 2017 | 06:41 AM | PADUCAH, KY
Gasoline prices in Kentucky rose 4 cents per gallon in the past week, averaging $2.25 Sunday. This compares with the national average that has increased 2 cents per gallon in the last week to $2.35, according to gasoline price website GasBuddy.com.

Kentucky prices Sunday were 9 cents per gallon lower than the same day one year ago. The national average stands 7 cents per gallon higher than this day one year ago.

In Paducah, prices rose from $1.94 last week, to $2.09 this week as the cheapest prices available.  The upper end of prices across the area remained at $2.25 a gallon.

"Due to a $3 per barrel surge in crude oil prices in the last week, gasoline prices have been moving higher across a good portion of the U.S.," said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

"Optimism surrounding a likely deal to renew OPEC's production cuts is pushing oil prices higher, but also the possibility that non-OPEC countries may join in has led to a dramatic turnaround in oil prices recently, with WTI crude oil climbing back over $50 per barrel for the first time since late April. Of course, but if global oil inventories don't soon reflect the lower output it will eventually mean more struggles for oil down the road," DeHaan added.

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