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Gas prices expected to climb in coming months

While gas prices in Kentucky are down right now, the national average is still above this time last year, and prices are only expected to climb.

Average retail gasoline prices in Kentucky have fallen 5.1 cents per gallon in the past week, averaging $3.42/g on Sunday. This compares with the national average that has increased 3.3 cents per gallon in the last week to $3.47/g, according to gasoline price website KentuckyGasPrices.com.

Including the change in gas prices in Kentucky during the past week, prices yesterday were 41.3 cents per gallon higher than the same day one year ago and are 5.8 cents per gallon higher than a month ago. The national average has increased 12.3 cents per gallon during the last month and stands 34.8 cents per gallon higher than this day one year ago.

Travel experts say if prices do continue to rise it will have less to do with supply and demand and more to do with international politics.

"The price of crude has been rising and it's rising because of political tensions between the US and Europe, and Iran," said Christopher Oakford of AAA.

Oakford says speculators fear the rising tensions could have an effect on the supply of crude oil but he cautions that a similar situation was taking place last year between the US and Libya. He says many people feared prices would rise during the summer and keep rising but that didn't happen.

But with prices already higher than they were this time last year a similar increase through the year could break records.

"Retail gasoline prices have continued to slowly rise across a majority of the United States," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "With the exception of one state- Wyoming- all states are seeing their gasoline prices averaging over $3/gallon again, with some of the largest cities- New York City and Los Angeles closing in on $4/gallon," DeHaan said.

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