Area gas prices up 14 cents in a week, OPEC decision having impact

LEXINGTON, Ky. (WTVQ) – Lexington gas prices have risen 14.2 cents per gallon in the past week, averaging $3.12/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington.

Gas prices in Lexington are 22.4 cents per gallon higher than a month ago and stand $1.12/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.87/g while the most expensive is $3.19/g, a difference of 32.0 cents per gallon. The lowest price in the state is $2.69/g while the highest is $3.39/g, a difference of 70.0 cents per gallon.

The national average price of gasoline has risen 5.2 cents per gallon in the last week, averaging $3.25/g Monday. The national average is up 7.5 cents per gallon from a month ago and stands $1.08/g higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
October 11, 2020: $2.00/g (U.S. Average: $2.16/g)
October 11, 2019: $2.34/g (U.S. Average: $2.64/g)
October 11, 2018: $2.77/g (U.S. Average: $2.90/g)
October 11, 2017: $2.27/g (U.S. Average: $2.47/g)
October 11, 2016: $2.19/g (U.S. Average: $2.25/g)
October 11, 2015: $2.32/g (U.S. Average: $2.31/g)
October 11, 2014: $3.13/g (U.S. Average: $3.21/g)
October 11, 2013: $3.41/g (U.S. Average: $3.33/g)
October 11, 2012: $3.70/g (U.S. Average: $3.81/g)
October 11, 2011: $3.31/g (U.S. Average: $3.39/g)

Neighboring areas and their current gas prices:
Kentucky- $3.05/g, up 12.5 cents per gallon from last week’s $2.92/g.
Cincinnati- $3.07/g, down 5.8 cents per gallon from last week’s $3.13/g.
Louisville- $3.09/g, up 14.7 cents per gallon from last week’s $2.94/g.

“Last week saw oil prices advance to their highest in seven years, with a barrel of West Texas Intermediate crude oil surpassing the critical $80 per barrel level. The nation’s gas prices were also pushed to their highest since 2014, all on OPEC’s decision not to raise production more than it already agreed to in July,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “The OPEC decision caused an immediate reaction in oil prices, and amidst what is turning into a global energy crunch, motorists are now spending over $400 million more on gasoline every single day than they were just a year ago. The problems continue to relate to a surge in demand as the global economy recovers, combined with deep cuts to production from early in the pandemic. If Americans can’t slow their appetite for fuels, we’ve got no place for prices to go but up.”

Categories: Featured, Local News, News, State News

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