Gas price decline might halt soon

Published 3:30 pm Thursday, December 29, 2022

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Gas prices, which had been on a steady decline in Kentucky since the first part of November, appears to be leveling off, according to data reported on Wednesday from, a crowd-sourced gas price tracking app and website.

The average price across the state for regular gas as of mid-day Wednesday was $2.81 per gallon, the same as it was on Tuesday, and just one cent less than the price last Wednesday. However, it is still 44 cents below last month at this time, and down 13 cents from a year ago.

Nationwide, the average price on Wednesday was $3.09 per gallon. That was up a penny from Tuesday, two cents higher than last week, 42 cents less than a month ago and down 19 cents compared to last year.

“With oil prices rallying, it remains to be seen if we will manage another week of gasoline price declines,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We’re still waiting for the national average to fall below $3 per gallon, something that is suddenly a bit less likely given the extreme cold weather, interrupting refining operations in the south, curbing gasoline production, and potentially driving prices up slightly.”

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He also noted, “While some of the nation’s lowest priced gas stations will probably be forced to raise prices slightly, with some declines still happening in the West Coast, there remains a chance, albeit smaller one, that we could still see the national average fall below $3 per gallon. With the New Year on the doorstep, however, the biggest question motorists have remains what will happen in 2023.”