Gas prices down a little week over week

Published 12:36 pm Thursday, October 20, 2022

After seeing gas prices go back on the rise starting during the last week of September, the trend has begun a reversal over the past week, according to GasBuddy.com, a website and mobile app that crowdsources gas prices.

The nationwide average for a gallon of self-serve gas was $3.86, as of Tuesday afternoon. That was down nine cents from last week but is still 22 cents per gallon higher than a month ago, and 54 cents above last year’s price of $3.32.

In Kentucky, the average price was $3.48, a drop of five cents from last week. However, it is 21 cents high than a month ago and 41 cents per gallon more than at this time last year.

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“After a sharp rise in the national average over the last few weeks, we’ve seen an abrupt, yet expected decline as refinery issues have eased in the West and Great Lakes, overpowering some increases elsewhere.  Though at the same time, diesel prices have soared,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Kentucky is considered part of the Great Lakes region by GasBuddy.

De Haan says there appears to be a bit more good news going forward in our area.

“The Great Lakes will see prices drift lower as BP’s Whiting refinery is soon to complete maintenance. In addition, oil prices have cooled off slightly after OPEC+’s decision to cut production, and that should slow increases elsewhere. Diesel and heating oil prices are likely to continue to rise as extremely low inventories of middle of the barrel products like these two push prices higher.”

He also noted that for the second straight week after OPEC+’s decision to trim oil production quotas, oil prices have remained under selling pressure. Recession fears continue to mount as well as worse than expected jobs data, pushing the world’s largest economy to the brink of a more prolonged slowdown, pushing oil lower. On the other side, China slowly re-opening their economy is limiting the potential downside to oil.

To find and report gas prices in Kentucky, go to Kentuckygasprices.com.