By Tom Latek
Kentucky Today
The nation’s average price of gasoline has fallen 6.9 cents over the last week and stands at $3.75 per gallon, according to GasBuddy data compiled from 12 million individual price reports covering over 150,000 gas stations across the country.
The national average is down 55.6 cents from a month ago and is 64.2 cents per gallon higher than a year ago. The national average price of diesel fell 11.4 cents in the last week and stands at $4.876 per gallon.
In Kentucky, the drop is even bigger, standing at $3.33 per gallon for regular gas, as of mid-day Tuesday. However, it should be noted that the reduced state gas tax in some parts of the state, which was in an executive order from Gov. Andy Beshear which ended Wednesday.
“Average gasoline prices fell in 46 states over the last week, with diesel declining in 49, pushing the national average to its lowest level since mid-March,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The declines came despite a turbulent week, as fresh attacks were traded between the U.S. and Iran before both sides agreed to halt hostilities just in time Sunday, preventing what could have been a significant spike in oil prices. For now, GasBuddy anticipates the national average will continue drifting lower this week, though the situation remains anything but predictable. A handful of price-cycling states could see prices jump ahead of the July 4 holiday, while many states that already cycled higher last week should see prices fall back down. Motorists in non-cycling states are likely to see continued relief, but the fragile nature of the U.S.-Iran situation means the outlook could shift quickly.”
Oil prices stabilized modestly to start the week after last week’s dramatic selloff, which saw crude shed more than 10 percent, as tanker traffic through the Strait of Hormuz accelerated and Persian Gulf exports recovered to roughly 75 percent of prewar levels. The modest rebound reflects lingering uncertainty—Iran and the U.S. traded strikes on vessels late last week before agreeing to halt further attacks ahead of renewed peace talks in Doha last week, underscoring just how fragile the diplomatic progress remains.
To check gas prices near you, go to Kentuckygasprices.com.