Average gas prices remain just below $3 in region: Survey

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 1.1 cents per gallon in the past week, averaging $2.94/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington.

Gas prices in Lexington are 1.2 cents per gallon higher than a month ago and stand 89.2 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.76/g Monday while the most expensive is $3.29/g, a difference of 53.0 cents per gallon. The lowest price in the state is $2.63/g while the highest is $3.29/g, a difference of 66.0 cents per gallon.

The national average price of gasoline has risen 0.5 cents per gallon in the last week, averaging $3.13/g Monday. The national average is up 5.0 cents per gallon from a month ago and stands 93.7 cents per gallon higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
July 12, 2020: $2.05/g (U.S. Average: $2.19/g)
July 12, 2019: $2.74/g (U.S. Average: $2.79/g)
July 12, 2018: $2.92/g (U.S. Average: $2.89/g)
July 12, 2017: $2.18/g (U.S. Average: $2.25/g)
July 12, 2016: $2.04/g (U.S. Average: $2.21/g)
July 12, 2015: $2.68/g (U.S. Average: $2.76/g)
July 12, 2014: $3.55/g (U.S. Average: $3.62/g)
July 12, 2013: $3.55/g (U.S. Average: $3.56/g)
July 12, 2012: $3.25/g (U.S. Average: $3.38/g)
July 12, 2011: $3.57/g (U.S. Average: $3.63/g)

Neighboring areas and their current gas prices:
Kentucky- $2.88/g, down 1.7 cents per gallon from last week’s $2.90/g.
Cincinnati- $2.98/g, down 8.5 cents per gallon from last week’s $3.06/g.
Louisville- $3.11/g, up 5.0 cents per gallon from last week’s $3.06/g.

“While the national average has seen a slight rise over the last week, we may see some stabilization coming to the pump as oil prices hold just under their 2021 peak from last week,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Without additional crude oil supply coming online in the weeks ahead, we could see oil test $80 per barrel in the next couple of weeks. However, with U.S. gasoline demand falling slightly last week, we may have already seen peak consumption with the July 4 holiday. While the jury isn’t quite in on that just yet, we’re potentially only 4-6 weeks away from gas prices beginning a seasonal decline that we’re likely all eagerly awaiting.”

Categories: Featured, Local News, News, State News

Leave a Reply

Your email address will not be published. Required fields are marked *