Gas down 6 cents in a week, 59 cents from last year

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 6.6 cents per gallon in the past week, averaging $1.89/g Monday, according to GasBuddy’s daily survey of 275 stations.

Gas prices in Lexington are 12.6 cents per gallon lower than a month ago and stand 59.5 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $1.73/g Monday while the most expensive is $2.15/g, a difference of 42.0 cents per gallon. The lowest price in the state is $1.55/g while the highest is $2.69/g, a difference of $1.14/g.

The national average price of gasoline has fallen 1.9 cents per gallon in the last week, averaging $2.09/g Monday. The national average is down 8.8 cents per gallon from a month ago and stands 53.7 cents per gallon lower than a year ago.

Historical prices in Lexington and the national average going back 10 years:
November 9, 2019: $2.49/g (U.S. Average: $2.63/g)
November 9, 2018: $2.39/g (U.S. Average: $2.70/g)
November 9, 2017: $2.41/g (U.S. Average: $2.56/g)
November 9, 2016: $1.99/g (U.S. Average: $2.19/g)
November 9, 2015: $2.29/g (U.S. Average: $2.21/g)
November 9, 2014: $3.04/g (U.S. Average: $2.92/g)
November 9, 2013: $3.15/g (U.S. Average: $3.18/g)
November 9, 2012: $3.45/g (U.S. Average: $3.45/g)
November 9, 2011: $3.40/g (U.S. Average: $3.43/g)
November 9, 2010: $2.94/g (U.S. Average: $2.85/g)

Neighboring areas and their current gas prices:
Kentucky- $1.88/g, down 1.1 cents per gallon from last week’s $1.89/g.
Cincinnati- $2.09/g, up 13.4 cents per gallon from last week’s $1.96/g.
Louisville- $1.96/g, down 8.0 cents per gallon from last week’s $2.04/g.

“As expected, previous weakness in oil has continued to translate into falling gasoline prices nearly nationwide as motorists cast their ballots last week, but the six week trend could reverse on optimism that President-elect Biden may move quickly to get organized and Sen. Majority Leader McConnell has said stimulus is high on his agenda, aiding the economy and oil demand,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“As of late Sunday, a barrel of West Texas Intermediate crude oil was up over 8% compared to just last Monday, a solid rally that may eventually halt the decline in gasoline
prices, should the optimism continue even against a backdrop of a continued global rise in coronavirus cases. It remains challenging to predict how the Presidential transition may occur, and if it drags the economy down, I could see pessimism and lower prices return, but for now, it appears that a solid dose of optimism may soon drive prices up,” De Haan added.

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