After sharp increase, area gas prices dip during the last week

Drop less than two cents per gallon, $1.20 higher than year ago

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 1.8 cents per gallon in the past week, averaging $3.10/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington. Gas prices in Lexington are 9.3 cents per gallon higher than a month ago and stand $1.21/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.92/g while the most expensive is $3.33/g, a difference of 41.0 cents per gallon. The lowest price in the state is $2.74/g while the highest is $3.39/g, a difference of 65.0 cents per gallon.

The national average price of gasoline has risen 2.9 cents per gallon in the last week, averaging $3.30/g Monday. The national average is up 11.1 cents per gallon from a month ago and stands $1.15/g higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
October 18, 2020: $1.90/g (U.S. Average: $2.15/g)
October 18, 2019: $2.48/g (U.S. Average: $2.66/g)
October 18, 2018: $2.63/g (U.S. Average: $2.86/g)
October 18, 2017: $2.34/g (U.S. Average: $2.44/g)
October 18, 2016: $2.19/g (U.S. Average: $2.23/g)
October 18, 2015: $2.19/g (U.S. Average: $2.26/g)
October 18, 2014: $2.96/g (U.S. Average: $3.11/g)
October 18, 2013: $3.51/g (U.S. Average: $3.35/g)
October 18, 2012: $3.52/g (U.S. Average: $3.73/g)
October 18, 2011: $3.42/g (U.S. Average: $3.46/g)

Neighboring areas and their current gas prices:
Kentucky- $3.06/g, up 1 cent per gallon from last week’s $3.05/g.
Cincinnati- $3.26/g, up 16.7 cents per gallon from last week’s $3.09/g.
Louisville- $3.06/g, down 3.1 cents per gallon from last week’s $3.09/g.

“The national average closed the week by climbing to yet another fresh seven year high, as the price of oil continues to drag gas prices along for the wild ride, leaving motorists on empty,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “With OPEC holding back oil production and strong global oil demand, the situation will no doubt pave the road with even higher gas prices in the weeks ahead. Until several bottlenecks ease, including supply chains and low global inventories of oil, natural gas and coal, we’ll be stuck feeling the pinch of rising oil and gasoline prices. The bad news is that for now, all I see is the upward trend at the pump continuing into the weeks ahead with no sign of relief just yet.”

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