Gasoline prices on rise again after Christmas freeze
Published 4:22 pm Monday, January 16, 2023
Gas prices in Kentucky, which dropped to an average of $2.79 per gallon for regular unleaded around Christmas, are back on the rise, with the blame being placed squarely on the cold weather experienced on the Christmas weekend.
The prices have rebounded to a statewide average of $3.01, as of Monday afternoon, according to GasBuddy.com, a crowd-sourced gas price tracking app and website. That is up a penny from Sunday, seven cents higher than a week ago, 12 cents above one month ago, and two cents per gallon more than last year.
The jump is due to previous refinery outages caused by the cold weather the week of Christmas, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
Email newsletter signup
The refinery shutdowns also led to a rise in crude oil inventories, since they were not being processed into gasoline and other distilled products, in the most recent Energy Information Administration report, issued last week.