Gas prices fall in Kentucky for 15th straight week
Published 3:20 pm Monday, September 26, 2022
The average price at the pump for gasoline in Kentucky continues to see a decline for the 15th straight week, although the nationwide streak has apparently come to an end, according to GasBuddy.com, a gas price website and mobile app.
Kentucky’s statewide average stood at $3.24 at mid-day on Monday. That’s down three cents per gallon from the $3.27 posted last week at this time, and 23 cents cheaper than a month ago. However, that is still 33 cents per gallon above the $2.91 price on this date last year.
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Nationwide, the average was $3.66, the same as a week ago. That is 19 cents less than last week and 49 cents below a month ago. At this time last year, the national average was $3.18, which was 49 cents per gallon less than the mid-day Monday price.
Refinery snags in some areas of the country are contributing to wild fluctuations, according to GasBuddy, as areas of the West Coast, Pacific Northwest, Great Lakes, and Plains have seen significant refinery issues leading to supply challenges, causing prices to spike even as oil prices have dropped. However, the Northeast and Gulf Coast continue to see normal activity at refineries and prices there have dropped. The disconnect between regions grows larger and will likely remain abnormal for the next few weeks until refinery issues get under control and rectified.
Patrick De Haan, head of petroleum analysis at GasBuddy, stated. “I don’t know that I’ve ever seen a wider gamut of price behaviors coast to coast in my career. A slew of unexpected refinery disruptions, including fires and routine maintenance, have seemingly all happened in a short span of time, causing wholesale gas prices to spike in areas of the West Coast, Great Lakes and Plains states.”
He added, “As Tropical Storm Ian nears the U.S. coast, some refiners could see limited disruption. Hopefully, disruptions will be limited due to Ian, but there remain many factors driving prices both up and down across the country.”
Meanwhile, GasBuddy reports crude oil prices have continued their downward slide as major central banks continue to raise interest rates sharply, raising concerns of a larger global slowdown in the weeks and months ahead. In early Monday trade, a barrel of West Texas Intermediate crude oil was down 59 cents to $78.15 per barrel, a $5 drop from last Monday’s $82.31 per barrel fetch. Brent crude oil also saw a loss from last Monday, falling from $88.71 to $85.37.
Check and report gas prices in your local area by going to kentuckygasprices.com.