By Tom Latek
Kentucky Today
The nation’s average price of gasoline has fallen 2.2 cents over the last week and stands at $4.09 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 U.S. gas stations.
The national average is up 10.6 cents from a month ago and is 90.8 cents per gallon higher than a year ago.
Kentucky’s statewide average for regular gas is considerably less, at $3.81 per gallon. A year ago, it was $3.18 per gallon.
“Average gasoline prices rose in nearly three out of five states over the last week, while diesel surged in every state, with some climbing nearly 50 cents per gallon in just seven days,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The milestone many hoped to avoid has arrived: the national average price of gasoline on Labor Day set a new record for the holiday, eclipsing the previous mark of $3.83 per gallon set in 2012. Diesel’s record fell as well, with the national average reaching $5.87 per gallon on September 3, surpassing the prior all-time high of $5.82 per gallon set in 2022.”
The future for diesel users doesn’t appear to be any better, according to De Haan.
“Six dollars per gallon is now a realistic possibility in the weeks ahead if Ukraine’s continued attacks on Russian refining infrastructure keep knocking capacity offline,” he said. “These are sobering milestones, and until the global refining supply picture meaningfully improves, diesel prices face continued upward pressure while gasoline may seasonally slow in the weeks ahead.”
Meanwhile, oil prices pushed toward the $100 mark to start the week as the U.S.-Iran standoff in the Strait of Hormuz escalated sharply, with the U.S. striking three Iranian oil tankers over the weekend and Iran responding by threatening to announce a maritime exclusion zone outside the strait where it intends to stop vessels transiting without Iranian permission. Shipping traffic through the waterway dipped to its lowest level since May, with just two vessels passing on Saturday and six on Sunday, while Saudi Aramco facilities in Jazan were hit on Monday again and Qatar’s government said it was working with China to resume diplomacy.
To find prices at the pump near you, go to Kentuckygasprices.com.