Gas prices rise after drone strike in Iraq

National & World

FILE – In this file photo dated 1990, Aramco refinery at Ras Tannura, Saudi Arabia. The price of oil surged Friday Jan. 3, 2020, as global investors were gripped with uncertainty over the potential repercussions and any retaliation, after the United States killed Iran’s top general Qassem Soleimani.(AP Photo/FILE)

(WEHT/AP)- Following airstrikes in Baghdad last Friday, which killed Iran’s Major General Qassem Soleimani, oil prices increased, causing market speculation about what could happen to gas prices in the near-term.

The rise in oil prices could push the cost of gasoline, heating fuel and electricity higher, potentially dragging on the global economy at a time when it is already slowing down.

According to Triple A, the national average prices for this week is $2.50.
Gas prices in West Central Kentucky are two cents higher this week at $2.366, according to AAA East Central’s Gas Price Report. In Kentucky the gas prices have slightly gone up since the tension began.

Average prices of unleaded self-serve gasoline in various areas:

$2.383 Bowling Green
$2.412 Elizabethtown
$2.427 Louisville
$2.273 Owensboro
$2.334 Paducah

Five Great Lakes and Central States saw gas prices decrease on the week, three of which land on the top 10 list for largest weekly changes: Ohio (-13 cents), Michigan (-8 cents) and Indiana (-8 cents).

Minimal movement at the pump this week is due in part to a substantial 1.4-million-barrel build in gasoline stocks, bringing the regional total to 53.5 million barrels. Stocks have only been this high one other time since the end of March 2019, according to Energy Information Administration (EIA) data. With regional refinery utilization at 97%, stocks are expected to continue to build and pave the way for cheaper gas prices, but more expensive crude prices could change this forecast.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

For the latest breaking news and stories from across the
Tri-State, follow Eyewitness News on Facebook and Twitter.

(This story was originally published on January 6, 2020)

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories