By Tom Latek
Kentucky Today
The nation’s average price of gasoline has risen 2.4 cents over the last week and stands at $3.95 per gallon, according to GasBuddy data compiled from more than 12 million price reports from over 150,000 gas stations across the country.
The national average is up 97.9 cents from a month ago and is 83.8 cents per gallon higher than a year ago. The national average price of diesel rose 14.3 cents in the last week and stands at $5.369 per gallon, the highest level since July 27, 2022.
In Kentucky, the statewide averages as of midday on Monday were a bit lower, at $3.739 for regular gas and $5.029 for diesel fuel.
“Gasoline and diesel prices continue to climb to multi-year highs as the effective closure of the Strait of Hormuz curtails the flow of millions of barrels of crude oil each day,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The situation remains highly volatile and unpredictable, but upward pressure on fuel prices is likely to persist as long as global oil supplies are constrained by the continued disruption in the Strait.”
His outlook is not a rosy one. “We’re likely to see the national average for gasoline push beyond the $4-per-gallon mark, while diesel could approach $6 per gallon and potentially set new records if conditions fail to improve. Americans have already spent nearly $8 billion more on gasoline over the past month, a trend that poses growing risks to the broader economy, while surging diesel prices may begin to reaccelerate inflation.”
Oil prices moved sharply higher over the past week, reversing earlier losses as geopolitical tensions re-escalated and risk premiums were rebuilt into the market. After starting last week under pressure — following news that the U.S. would pause potential strikes on Iran’s energy infrastructure — crude initially fell as traders priced in a possible de-escalation and reduced risk to global supply.
By early Monday trading, oil had pushed decisively higher. WTI crude oil was up $1.66 per barrel to $101.30, a significant jump from last Monday’s $92.60 level, while Brent crude rose $2.42 to $114.99 per barrel — well above last week’s $105.61 level.
The rebound underscores how quickly geopolitical developments can shift sentiment and inject volatility into energy markets.
Go to kentuckygasprices.com for the latest prices across the state.