By Tom Latek
Kentucky Today
For the first time since February, the nation’s average price of gasoline has seen a weekly drop, falling 1.9 cents from a week ago to $3.63 per gallon at mid-day on Monday, according to GasBuddy.com, a crowdsourced website that tracks gas prices in the U.S. and Canada.
In Kentucky, the average price Monday was $3.38 per gallon of regular unleaded gas. That’s two cents higher than a week ago, 15 cents more than on this date last month and one cent higher than a year ago at this time.
“With more confidence every day, it appears the spring peak has occurred, as average gas prices have started to cool off in many areas,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For now, few Americans need to worry that gas prices are going to skyrocket; the risk appears to be behind us, with relief coming in the weeks ahead.”
Looking ahead, DeHaan notes, “While the latter half of the summer could potentially see hurricane-related issues, I do sense we’ve hit the top for now, and Americans should be optimistic that this summer will be very similar to last year, in line with our early 2024 expectations and likely not featuring record gasoline prices. I’m quite excited the seasonal rise in gas prices appears to be over.”
With varying economic news over the last week, oil prices have been somewhat volatile, trading slightly below $80 per barrel before rallying back to $84 to close the week out, according to GasBuddy. However, with some news of a potential cease-fire between Israel and Hamas, oil has given up some of the recent rally.
A Hamas delegation is expected to convene in Cairo to discuss Israel’s response to a cease-fire. Should a deal be signed, the price of oil and as well as the risk to supplies would likely lower.
In early Monday trading, WTI crude oil was down 60 cents to $83.25 per barrel, slightly lower than last Monday’s per barrel start. Brent crude oil was also in the red to start this week, falling 78 cents to $88.72 per barrel, down nearly $1 from last Monday’s $89.69 per barrel start.
To find the lowest gas prices in your area, go to kentuckygasprices.com. You can also download the GasBuddy mobile app at the Android and iPhone stores.