Gas prices drop, but are expected to rise again
Published 3:34 pm Monday, February 13, 2023
Gas prices in Kentucky, which jumped to $3.22 per gallon in January after reaching a 15-month low of $2.79 around Christmas, have seen a decline since then, but is not expected to continue.
According to GasBuddy.com, a crowd-sourced website and mobile app that tracks gas and diesel prices in the U.S. and Canada, the average price in Kentucky was $3.08 per gallon Monday morning. That is six cents cheaper than last week, nine cents higher than Jan. 13, and 13 cents less than a year ago.
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The trend is similar nationwide, with Monday morning’s average price at $3.36. That is seven cents below last week, 10 cents above a month ago, and 12 cents less than at this point in 2022.
But it’s not just gas prices that are cheaper at the pump, diesel is down to its lowest level in nearly a year, according to Patrick De Haan, head of petroleum analysis at GasBuddy. But the trend is not likely to last.
“While diesel prices likely have a long way to fall as inventories continue to improve, gasoline prices in some areas have gone up in the last weeks as the transition to summer gasoline is just around the corner,” he said. “In addition, GasBuddy data shows that gasoline demand has risen for the third straight week, a trend that will likely continue as we gradually see temperatures warm and the heart of winter moves to the rear view.”
He also noted that refinery maintenance season will soon be in full swing, which is expected to cause prices to rise. “On average, gasoline prices rise between 35 and 85 cents per gallon between March and Memorial Day, so motorists seeing prices fall should enjoy the declines while they last.”
Download the GasBuddy mobile app for your phone at the app stores for both iPhone and Android devices. The Kentucky price website for regular, mid-grade, premium, and diesel fuel can all be found at kentuckygasprices.com.