Gas prices slowly falling in Kentucky
Published 10:28 am Tuesday, February 21, 2023
While the average nationwide cost of gasoline remained steady over the past week, the price at the pump continued a slow fall in Kentucky, according to GasBuddy.com, a crowd-sourced website and mobile app that tracks gasoline and diesel prices.
The average cost of regular gas in Kentucky was $3.04 per gallon as of mid-day on Monday. That is four cents cheaper than last week, 11 cents less than last month, and 19 cents lower than a year ago.
You may recall gas prices jumped to $3.22 per gallon in January, after reaching a 15-month low of $2.79 around Christmas. Since then, they have been on a decline. See the three-month price chart that accompanies this story.
Patrick De Haan, head of petroleum analysis at GasBuddy, says it’s a mixed bag of prices this week.
We’ve seen some refinery challenges in pockets of the country, while others are starting the transition to summer gasoline, weighing on prices. For diesel, the outlook remains bright with prices continuing to fall.”
Looking ahead, De Hann said, “Oil prices have softened over the last week, helping to limit any upside at the pump, with strong economic data leading to concern that the Fed will continue to use interest rates to slow the economy. This could weaken demand as we head into the peak summer driving season. For diesel, the great news is that the most common price in the U.S. for diesel is now $3.99 per gallon, with average prices continuing to drop. In the next couple of weeks, diesel will finally flip to deflationary compared to a year ago, which is excellent news for the economy.”