'Clearance Sale' Going on Now for Gas Prices

Average retail gasoline prices in Kentucky have fallen 3.2 cents per gallon in the past week, averaging $1.58 gallon Sunday, according to GasBuddy's daily survey of 2,623 gas outlets in Kentucky. This compares with the national average that has fallen 5.2 cents per gallon in the last week to $1.74 a gallon, according to gasoline price website GasBuddy.com.

In Paducah, prices are ranging from $1.44 to $1.78 a gallon. In Metropolis, gas is between $1.59-$1.69 per gallon. In Benton, prices are in the $1.50's, and in Murray, prices are between $1.47 and $1.69 per galllon.

Including the change in gas prices in Kentucky during the past week, prices Sunday were 66.1 cents per gallon lower than the same day one year ago and are 32.8 cents per gallon lower than a month ago. The national average has decreased 24.6 cents per gallon during the last month and stands 43.4 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on February 8 in Kentucky have ranged widely over the last five years: $2.24 a gallon in 2015, $3.21 a gallon in 2014, $3.49 a gallon in 2013, $3.47 a gallon in 2012 and $3.10 a gallon in 2011.

"Gasoline prices continue to plunge coast to coast as refiners continue to churn out winter-spec gasoline that will soon need to be purged," said Patrick DeHaan, GasBuddy senior petroleum analyst. 

"While crude oil prices have held above recent lows, gasoline fundamentals continue to be remarkably weak as refiners continue to churn out winter-spec gasoline, incentivized by cheap crude oil. This has put retail gasoline prices under tremendous pressure as gasoline inventories rise to their highest January level since records started in 1990. Refiners will continue selling any winter spec gasoline at bargain basement prices to rid themselves of it before specifications change heading into summer. In the days ahead, expect this seasonal 'clearance sale' of gasoline to continue, leading to lower prices in most areas. But," DeHaan said, "Don't get too relaxed- the shift in specifications will lead to an eventual lift in prices once winter gasoline is gone."