Gas prices continue to fall

Kentucky’s average gas price is $2.67, dropping another 8 cents from last week and putting the Commonwealth fifth on the leader board for greatest fall in price, week over week.

In Lexington, motorists welcomed another 12 cent drop in prices on the heels of last week’s 15 cent plunge.

Average gas prices still remain 36 and 23 cents above a year ago for Kentucky and Lexington, respectively.

A larger-than-expected growth in crude levels shocked the market last week, leading crude prices to fall and helping to drive gas prices down.

Although lower gas prices are expected this time of year, concerns about global supply and geopolitical tensions could have prices edging back up in the coming weeks and into 2019.

“Some motorists across the country are seeing gas prices more than a dime cheaper than last week, with Kentucky joining 40 other states having less expensive state averages on the week,” said Lori Weaver Hawkins, AAA spokesperson. “Prices are finally falling after several weeks of increases and the general forecast nationwide is for softer prices the next two weeks, but change could be on the horizon. The U.S. announcement of imposed sanctions on Iran’s crude exports and other geopolitical impacts are likely to see gas prices rising again as we finish out the year and going into 2019.”