Gas cost falls a penny, Russia-Ukraine could have ‘ugly’ impact

Average prices down slightly during the last week

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 1.3 cents per gallon in the past week, averaging $3.21/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington. Gas prices in Lexington are 26.1 cents per gallon higher than a month ago and stand 78.5 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.94/g Monday while the most expensive is $3.36/g, a difference of 42.0 cents per gallon. The lowest price in the state is $2.74/g while the highest is $3.49/g, a difference of 75.0 cents per gallon.

The national average price of gasoline has risen 2.9 cents per gallon in the last week, averaging $3.51/g Monday. The national average is up 20.4 cents per gallon from a month ago and stands 88.6 cents per gallon higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
February 21, 2021: $2.42/g (U.S. Average: $2.63/g)
February 21, 2020: $2.18/g (U.S. Average: $2.48/g)
February 21, 2019: $2.37/g (U.S. Average: $2.40/g)
February 21, 2018: $2.42/g (U.S. Average: $2.52/g)
February 21, 2017: $2.25/g (U.S. Average: $2.28/g)
February 21, 2016: $1.57/g (U.S. Average: $1.71/g)
February 21, 2015: $2.28/g (U.S. Average: $2.28/g)
February 21, 2014: $3.33/g (U.S. Average: $3.38/g)
February 21, 2013: $3.76/g (U.S. Average: $3.78/g)
February 21, 2012: $3.51/g (U.S. Average: $3.57/g)

Neighboring areas and their current gas prices:
Kentucky- $3.23/g, up 0.9 cents per gallon from last week’s $3.22/g.
Cincinnati- $3.36/g, up 11.9 cents per gallon from last week’s $3.24/g.
Louisville- $3.33/g, up 1.9 cents per gallon from last week’s $3.31/g.

“With tensions still very high that Russia may invade Ukraine, gasoline prices kept moving higher, tugged by the rising price of oil as the market concentrates on possible outcomes from the situation that could affect global oil production amidst recovering demand,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “However, with nuclear talks between Iran and global powers ongoing in Vienna, the possibility exists that a new deal could bring Iran’s crude oil supply back to legitimate markets, helping to ease a slight portion of supply concerns. While the proposition remains in the air for the time being, we’re also just a few weeks away from the traditional start of the spring surge in gasoline prices, brought on by the change to summer gasoline, seasonal maintenance at refineries and rising demand. The weeks ahead could be rather ugly with rising prices, especially if Russia pursues a strong-arm invasion of Ukraine.”

Categories: Local News, News, State News

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