Average gas prices in region dip again, volatility likely
LEXINGTON, Ky. (WTVQ) – Lexington gas prices have fallen 5.2 cents per gallon in
the past week, averaging $2.74/g Monday, according to GasBuddy’s daily survey
of 275 stations in Lexington.
Gas prices in Lexington are 17.8 cents per gallon higher than a month ago and stand $1.09/g higher than a year ago.
According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.55/g while the most expensive is $2.99/g, a difference of 44.0 cents per gallon. The lowest price in the state Monday is $2.35/g while the highest is $2.99/g, a difference of 64.0 cents per gallon.
The national average price of gasoline has fallen 2.7 cents per gallon in the last week, averaging $2.84/g. The national average is up 12.9 cents per gallon from a month ago and stands 87.5 cents per gallon higher than a year ago.
Historical prices in Lexington and the national average going back 10 years:
March 29, 2020: $1.66/g (U.S. Average: $1.97/g)
March 29, 2019: $2.67/g (U.S. Average: $2.70/g)
March 29, 2018: $2.60/g (U.S. Average: $2.65/g)
March 29, 2017: $2.16/g (U.S. Average: $2.31/g)
March 29, 2016: $1.95/g (U.S. Average: $2.04/g)
March 29, 2015: $2.36/g (U.S. Average: $2.43/g)
March 29, 2014: $3.72/g (U.S. Average: $3.54/g)
March 29, 2013: $3.66/g (U.S. Average: $3.64/g)
March 29, 2012: $3.85/g (U.S. Average: $3.92/g)
March 29, 2011: $3.59/g (U.S. Average: $3.59/g)
Neighboring areas and their current gas prices:
Kentucky- $2.64/g, down 5.8 cents per gallon from last week’s $2.69/g.
Cincinnati- $2.69/g, down 1.2 cents per gallon from last week’s $2.70/g.
Louisville- $2.73/g, down 9.0 cents per gallon from last week’s $2.82/g.
“After the feverish rise in gas prices to start the year, increases have largely tapered off and we’re now seeing decreasing prices in most areas of the country, thanks to oil prices that have moderated for the time being,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As the Suez Canal has remained block for nearly a week, we could see some volatility in the price of oil this week as the market digests any updates as hundreds of ships remain in limbo. Back stateside, refiners have made the switch to summer gasoline and price impacts have been limited thus far, but demand for gasoline remains strong. Last week saw total gasoline demand at yet another pandemic high according to GasBuddy data. As we approach warmer weather and motorists are increasingly getting outside, it could drive prices higher, so long as COVID-19 cases don’t jump along with it and lead to new travel restrictions.”