Average gas prices across the region top $2.50

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LEXINGTON, Ky. (WTVQ) – Lexington gas prices have risen 8.5 cents per gallon in the past week, averaging $2.56/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington.

Gas prices in Lexington are 34.8 cents per gallon higher than a month ago and stand 17.5 cents per gallon higher than a year ago.

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According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.35/g Monday while the most expensive is $2.73/g, a difference of 38.0 cents per gallon. The lowest price in the state is $1.99/g while the highest is $2.79/g, a difference of 80.0 cents per gallon.

The national average price of gasoline has risen 7.5 cents per gallon in the last week, averaging $2.72/g. The national average is up 30.3 cents per gallon from a month ago and stands 30.6 cents per gallon higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
March 1, 2020: $2.39/g (U.S. Average: $2.41/g)
March 1, 2019: $2.20/g (U.S. Average: $2.42/g)
March 1, 2018: $2.40/g (U.S. Average: $2.54/g)
March 1, 2017: $2.33/g (U.S. Average: $2.32/g)
March 1, 2016: $1.72/g (U.S. Average: $1.76/g)
March 1, 2015: $2.37/g (U.S. Average: $2.42/g)
March 1, 2014: $3.45/g (U.S. Average: $3.45/g)
March 1, 2013: $3.79/g (U.S. Average: $3.77/g)
March 1, 2012: $3.69/g (U.S. Average: $3.74/g)
March 1, 2011: $3.38/g (U.S. Average: $3.37/g)

Neighboring areas and their current gas prices:
Kentucky- $2.53/g, up 9.3 cents per gallon from last week’s $2.44/g.
Cincinnati- $2.75/g, up 13.2 cents per gallon from last week’s $2.62/g.
Louisville- $2.68/g, up 11.2 cents per gallon from last week’s $2.57/g.

“Gas prices continued to surge last week following cold weather related shutdowns in Texas, but going forward, the impact from the cold has likely run its course. However, several other factors will rise in their influence on gas prices again, including the fact that gasoline demand continues up steam,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “According to Pay with GasBuddy data, last week’s total gasoline demand soared to the highest level since the pandemic began as COVD-19 cases continue to drop and and Americans are filling up more. On the supply side, the number of oil rigs active in the U.S. stands nearly 50% lower than a year ago, which is a large factor driving prices up. To put it simply, demand is recovering much much faster than oil production levels, which is why oil prices have soared. This week, OPEC will be meeting to hopefully increase oil production to temper the rise in prices, but will they increase oil production enough to match the growing appetite of a global economy that’s seen oil demand jump? We’ll have to wait and see.”