Gasoline prices drop in Kentucky for 15th straight week – Reuters

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Gasoline prices fall in Kentucky for 15th straight week

Posted at 3:20 p.m. on Monday, September 26, 2022

KENTUCKY TODAY

The average gasoline pump price in Kentucky continues to fall for the 15th straight week, although the national streak has apparently ended, according to GasBuddy.com, a gasoline price website and mobile app. .

The Kentucky statewide average stood at $3.24 at midday Monday. That’s down three cents per gallon from the $3.27 posted last week at this time, and 23 cents lower than a month ago. However, that’s still 33 cents per gallon above the price of $2.91 on this date last year.

Nationally, the average was $3.66, the same as a week ago. That’s 19 cents less than last week and 49 cents less than a month ago. At this time last year, the national average was $3.18, or 49 cents per gallon below the Monday noon price.

According to GasBuddy, refinery issues in some parts of the country are contributing to wild swings, as parts of the West Coast, Pacific Northwest, Great Lakes, and Plains have experienced significant refinery issues leading to issues. of supply, causing prices to soar even as oil prices fell. However, the Northeast and Gulf Coast continue to see normal refinery activity and prices there have fallen. The disconnect between the regions is growing and will likely remain anomalous for the next several weeks until the refinery issues are brought under control and corrected.

Patrick De Haan, Head of Petroleum Analysis at GasBuddy, said. “I don’t know if I’ve ever seen a wider range of price behavior from coast to coast in my career. A series of unexpected refinery disruptions, including fires and routine maintenance, apparently all happened in a short time, causing wholesale gas prices to spike in areas of the West Coast, Great Lakes and Plains States.

He added, “As Tropical Storm Ian approaches the US coast, some refiners may see limited disruption. Hopefully the disruption will be limited thanks to Ian, but there are still plenty of factors driving prices up and down across the country. »

Meanwhile, GasBuddy reports that crude oil prices have continued to fall as major central banks continue to hike interest rates sharply, raising fears of a deeper global slowdown in the weeks and months to come. . At the start of Monday’s trading, a barrel of West Texas Intermediate crude oil was down 59 cents at $78.15 a barrel, down $5 from last Monday’s $82.31 a barrel. Brent Crude Oil also posted a loss from last Monday, falling from $88.71 to $85.37.

Check and report gas prices in your area by visiting kentuckygasprices.com.

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