Gas prices continue to climb as OPEC inaction felt

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LEXINGTON, Ky. (WTVQ) – Lexington gas prices have risen 9 cents per gallon in the past week, averaging $2.64/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington.

Gas prices in Lexington are 29.0 cents per gallon higher than a month ago and stand 42.2 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 $2.36/g while the most expensive is $2.70/g, a difference of 34.0 cents per gallon. The lowest price in the state Monday is $1.99/g while the highest is $2.95/g, a difference of 96.0 cents per gallon.

The national average price of gasoline has risen 3.4 cents per gallon in the last week, averaging $2.77/g Monday. The national average is up 29.8 cents per gallon from a month ago and stands 41.1 cents per gallon higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
March 8, 2020: $2.22/g (U.S. Average: $2.36/g)
March 8, 2019: $2.27/g (U.S. Average: $2.47/g)
March 8, 2018: $2.28/g (U.S. Average: $2.53/g)
March 8, 2017: $2.17/g (U.S. Average: $2.30/g)
March 8, 2016: $1.79/g (U.S. Average: $1.81/g)
March 8, 2015: $2.27/g (U.S. Average: $2.46/g)
March 8, 2014: $3.47/g (U.S. Average: $3.49/g)
March 8, 2013: $3.61/g (U.S. Average: $3.71/g)
March 8, 2012: $3.63/g (U.S. Average: $3.76/g)
March 8, 2011: $3.45/g (U.S. Average: $3.52/g)

Neighboring areas and their current gas prices:
Kentucky- $2.57/g, up 5.1 cents per gallon from last week’s $2.52/g.
Cincinnati- $2.66/g, down 8.0 cents per gallon from last week’s $2.74/g.
Louisville- $2.67/g, down 1.3 cents per gallon from last week’s $2.68/g.

“OPEC surprised oil markets last week by extending oil production cuts for another month, ignoring the resurgence in global demand as economies recover from COVID-19. Markets responded by pushing oil prices up some 12%. As a result, motorists should prepare for further gas price increases in the weeks and potentially months ahead, with a $3 per gallon national average potentially less than a month away,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“At the start of this year, it was somewhat outlandish to predict a $3 per gallon national average for the summer driving season, but thanks to the speed of recovery from the pandemic pushing demand higher and OPEC’s reluctance to raise oil production, we’re on the cusp of making that a reality. It’s extremely frustrating as a consumer to feel helpless as prices soar and as millions remain unemployed, so the only advice I can offer consumers is prepare for further increases, and to mitigate rising prices, shop around for the low prices every time you need to refuel,” De Haan continued. “I’m hopeful OPEC will see the error in their ways at next month’s meeting, but with demand exceeding supply, the longer the imbalance continues, the longer it will take for any rise in oil production to offset it.”