KY Gas Prices Down Over Past Week

As Fall approaches, Kentuckians continue to see falling prices at the pump.

GassBuddy.com reports that average retail gasoline prices in Kentucky have fallen 8.7 cents per gallon in the past week, averaging $3.51/gallon. This compares with the national average that has come down 2.3 cents per gallon to $3.59/gallon.

Prices in Kentucky Sunday were 27.7 cents per gallon lower than the same day last year, and 4.6 cents per gallon higher than a month ago. The national average has remained steady during the last month, and stands 22.3 cents per gallon lower than at this time last year.

GasBuddy.com Senior Petroleum Analyst Gregg Laskoski said prices at the pump usually begin dropping significantly this time of year.

"Typically, consumer demand declines after Labor Day weekend," Laskoski said. "It drops by about 300,000 to 400,000 barrels a day." Laskoski said less demand translates into lower gas prices in the commonwealth and nationwide.

Laskoski said along with typical post Labor Day reduced demand, increased domestic production has been holding prices at bay.

"U.S. fuel production has increased by about 2 million barrels a day since 2011," Laskoski said. "That's expected to grow to 2.5 million barrels a day, or even higher within the next six months. That's a huge game changer."

Laskoski said the developing situation in the Middle-East and the Atlantic hurricane season could still put prices on an upward curve.