Gas prices on a slow decline in Kentucky

Published 1:18 pm Tuesday, November 1, 2022

After seeing a spike in early October when it reached an average of $3.54 per gallon, gas prices in Kentucky have seen a slow decline entering November, echoing the nation as a whole.

The statewide average on Nov. 1 was $3.37, according to GasBuddy.com, a crowd-sourced website and mobile app dedicated to tracking gas prices. That is three cents per gallon less than last week and a penny less than a month ago. However, it is still 28 cents a gallon more than on this date one year ago.

The nation’s average gas price has also continued a decline, falling three cents from a week ago to $3.74 per gallon today, according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country. The price was $3.76 a month ago and $3.39 last year.

“For the third consecutive week, we’ve seen the national average price of gasoline decline, and while it’s good news for most regions with a continued drop in prices, the Northeast is bucking the trend and seeing a noticeable jump due to tight supply,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

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“The national average is closing in on the previous low from September, which was interrupted when refinery issues caused prices to skyrocket in the West and Great Lakes,” he said. “With those issues addressed, the West has seen prices plummet, including a nearly 90 cent per gallon decline in California in less than a month.  Compare that to the Northeast, where prices have jumped some 10-25 cents per gallon.”

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

While oil has seen a recent rally, according to GasBuddy, it has failed to surpass the $93 per barrel level seen shortly after the recent decision by OPEC+ to cut production.  On the bottom side, oil has failed to breach the $80 per barrel level as of late, holding between $83-$89 per barrel, while the refined products see more attention, with diesel and gasoline seeing a rally as of late as product inventories remain tight.

De Haan adds, “There’s much regionality to current gasoline price trends.  Add in diesel prices that remain high amidst extremely tight supply, and there are definitely some challenges that lie ahead.”