By Tom Latek
Kentucky Today
Gas prices this week have dropped to their lowest level since August, but a petroleum analyst for GasBuddy.com notes that the decrease has nothing to do with last week’s mid-term election.
The nation’s average price of gasoline has fallen 15.9 cents over the last week and stands at $3.96 per gallon, according to GasBuddy®data. The national average is down 39.3 cents from a month ago, however it is still 92.2 cents per gallon higher than a year ago. The national average price of diesel fell 9.5 cents in the last week and stands at $6.186 per gallon.
In Kentucky, the average price for regular gas was $3.73 per gallon, as of Monday afternoon. That’s down from $3.88 last week and $3.99 a month ago. Last year at this time the [price was $2.71.
“Gasoline prices fell in every state over the last week, while diesel declined in nearly every state, and the national average dropped below $4 per gallon for the first time since early August,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Many will assume the election had something to do with it, but that’s a myth. Gas prices have fallen in the 30 days leading up to the election every year since 2006 except 2010, and it’s typically seasonal: refiners finish maintenance and ramp up output just as demand fades with cooler weather.”
De Haan adds: “Those same forces, along with more oil moving through the Strait of Hormuz, are why prices could stay below $4 in the weeks ahead. That said, the election’s outcome may send a message to Washington to sharpen its focus on affordability, and I’d expect even more attention on bringing prices down. But for now, it’s the seasonal shift, not politics, driving the relief at the pump.”
You can check the price at the pump near you. By going to KentuckyGasPrices.com or clicking on https://www.gasbuddy.com/gasprices/kentucky.
