Gas Prices Inch Upward Despite Cheap Oil

Average retail gasoline prices in Kentucky have risen 5.8 cents per gallon in the past week, averaging $2.16 a gallon Sunday, according to GasBuddy's daily survey of 2,623 gas outlets in Kentucky. This compares with the national average that has increased 2.4 cents per gallon in the last week to $2.14 a gallon, according to gasoline price website GasBuddy.com.

In Paducah, prices are ranging from $1.88 to $2.19 a gallon.

Including the change in gas prices in Kentucky during the past week, prices yesterday were 33.1 cents per gallon lower than the same day one year ago and are 15.7 cents per gallon higher than a month ago. The national average has increased 10.7 cents per gallon during the last month and stands 38.8 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on April 25 in Kentucky have ranged widely over the last five years:
$2.49 a gallon in 2015, $3.73 a gallon in 2014, $3.45 a gallon in 2013, $3.79 a gallon in 2012 and $3.83 a gallon in 2011.

Gas prices in other areas across Kentucky and Evansville, Indiana:

 Lexington- $2.24/g, up 10.8 cents per gallon from last week's $2.13/g.
 Evansville- $2.13/g, down 3.2 cents per gallon from last week's $2.17/g.
 Louisville- $2.20/g, up 1.8 cents per gallon from last week's $2.18/g.

"The oil markets this past week shrugged off OPEC's inability to reach an agreement for production freezes at the highly-touted meeting in Doha, Qatar.  West Texas Intermediate crude futures responded to a brighter demand picture that perked prices up to $43.73 per barrel for Friday's close.  Leading the demand surge has been gasoline, where the Energy Information Administration (EIA) shows year-to-date demand to be up 3.4% from last year and up 7.4% from 2014 according to their 'product supplied' demand indicator," said Will Speer, a Houston-based senior petroleum analyst for GasBuddy.

"Unsurprisingly, this has impacted retail gasoline prices, causing 43 of the 50 states to raise prices from a week ago.  Low prices have ignited the early demand surge this year, and the surge is expected to continue into the summer, where demand hits its peak for the year," Speer added.