Gas prices continue to edge upward, headed for $2

0
273
Gas station pump

LEXINGTON, Ky. (WTVQ) – Lexington gas prices have risen 3.2 cents per gallon in the past week, averaging $1.78/g Tuesday, according to GasBuddy’s daily survey of 275 stations.

Gas prices in Lexington are 38.9 cents per gallon higher than a month ago and stand 79.4 cents per gallon lower than a year ago.

- Advertisement -

According to GasBuddy price reports, the cheapest station in Lexington is priced at $1.55/g Tuesday while the most expensive is $1.89/g, a
difference of 34.0 cents per gallon.

The lowest price in the state is $1.49/g while the highest is $2.19/g, a difference of 70.0 cents per gallon.

The national average price of gasoline has risen 5.5 cents per gallon in
the last week, averaging $1.96/g. The national average is up 22.3 cents per gallon from a month ago and stands 86.6 cents per gallon lower than a year ago.

Historical gasoline prices in Lexington and the national average going
back 10 years:
May 26, 2019: $2.58/g (U.S. Average: $2.83/g)
May 26, 2018: $2.92/g (U.S. Average: $2.97/g)
May 26, 2017: $2.38/g (U.S. Average: $2.37/g)
May 26, 2016: $2.33/g (U.S. Average: $2.32/g)
May 26, 2015: $2.65/g (U.S. Average: $2.74/g)
May 26, 2014: $3.83/g (U.S. Average: $3.66/g)
May 26, 2013: $3.51/g (U.S. Average: $3.63/g)
May 26, 2012: $3.51/g (U.S. Average: $3.65/g)
May 26, 2011: $3.72/g (U.S. Average: $3.81/g)
May 26, 2010: $2.62/g (U.S. Average: $2.74/g)

Neighboring areas and their current gas prices:
Kentucky- $1.78/g, up 6.7 cents per gallon from last week’s $1.71/g.
Cincinnati- $1.97/g, up 11.3 cents per gallon from last week’s $1.85/g.
Louisville- $2.03/g, up 6.2 cents per gallon from last week’s $1.97/g.

“Average gasoline prices across the U.S. continue to recover as more
motorists take back to the roads as states relax previous shelter-in-place orders and begin filling their tanks, driving demand to continue rising,” said Patrick DeHaan, head of petroleum analysis at
GasBuddy.

“Since demand is a major ingredient in what drives gasoline
prices and demand is likely to continue to rebound, it is also pushing
the price of both crude oil and gas prices higher. Unfortunately, thus
far, refiners have started to input more crude oil into their
refineries, but there has been some lag as refiners remain cautious on
flooding the market with unwanted products,” DeHaan continued. “As long as COVID-19 cases continue to drop over time and provinces re-open, I suspect it is only a matter of time before average price hits the $2 per gallon mark again- which could happen as early as this week.”