By Tom Latek
Kentucky Today
The nation’s average price of gasoline fell one cent last week and as of Monday stood at $4.47 per gallon, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the U.S.
The national average is up 45.2 cents from a month ago and is $1.33 per gallon higher than a year ago. The national average price of diesel fell 0.5 cents in the last week and stands at $5.618 per gallon.
In Kentucky, meanwhile, the average price for regular gas was $4.16 per gallon,
“The national average price of gasoline spent much of last week drifting lower after jumping early in the week, as oil prices softened on hopes that diplomatic progress between the U.S. and Iran could help ease supply concerns,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, that optimism faded after President Trump’s meeting with China’s Xi Jinping failed to produce a breakthrough on Iran, while renewed warnings toward Tehran have helped push oil prices higher again.”
He continued, “With global oil inventories continuing to trend toward historically tight levels, markets remain extremely sensitive to geopolitical developments and potential supply disruptions. As a result, gasoline and diesel prices are likely to remain volatile, and with Memorial Day approaching, any sustained increase in oil prices could begin pushing retail fuel prices higher again in the weeks ahead.”
Despite some modest profit-taking in early Monday trade, oil prices remained well above week-ago levels. WTI crude oil was down 34 cents to $105.08 per barrel in early trading, but still significantly above last Monday’s $98.37 level, while Brent crude slipped 25 cents to $109.01 per barrel, also well above last week’s $104.36 starting point. The gains over the last week underscore how quickly market sentiment has shifted back toward supply concerns, particularly as traders grow less confident that a near-term diplomatic resolution will emerge.
Looking ahead, volatility is likely to remain elevated as markets continue reacting to every new development tied to negotiations, military rhetoric, and global oil flows. While prices have stabilized somewhat from the sharp intraday swings seen in recent weeks, the continued uncertainty surrounding diplomacy and regional stability suggests oil markets will remain highly headline-driven in the near term.
To see current prices for all grades of gas and diesel fuel, go to Kentuckygasprices.com.