Falling Gas Prices Expected to Continue

Average retail gasoline prices in Kentucky have fallen 11.2 cents per gallon in the past week, averaging $2.50 a gallon Sunday, according to GasBuddy's daily survey of 2,623 gas outlets in Kentucky. This compares with the national average that has fallen 3.0 cents per gallon in the last week to $2.73 a gallon, according to gasoline price website GasBuddy.com. 

Including the change in gas prices in Kentucky during the past week, prices yesterday were 90.9 cents per gallon lower than the same day one year ago and are 23.9 cents per gallon lower than a month ago. The national average has decreased 5.2 cents per gallon during the last month and stands 79.1 cents per gallon lower than this day one year ago. 

"All but seven states in the U.S. saw a drop in gasoline prices over the last week, with five states seeing a double digit decline per gallon," said Patrick DeHaan, GasBuddy senior petroleum analyst. "So far this July, West Texas Intermediate (WTI) crude has managed just three days of increases with those increases averaging out to just 72 cents per barrel. Meanwhile, the price of crude oil has dropped nearly $10 per barrel since the start of the month, and in areas of the country where refineries haven't encountered setbacks, prices have fallen. 18 states have seen double digit declines in the last month while just two states have seen double digit rises- which we can blame on refinery issues. For now, it would appear that the latter half of the summer will bring cheaper gas prices than the first half while this autumn is shaping up to give this past winter a run for its money in terms of cheap gas prices," DeHaan added.

In Paducah, prices are averaging $2.31 to $2.49 a gallon.