Gas prices continue to rise, still below a year ago

LEXINGTON, Ky. (WTVQ) – Summer demand and the reopening of the economy have combined with other factors to push gas prices up.

Lexington gas prices have risen 18.8 cents per gallon in the past week, averaging $1.98 a gallon Monday, according to GasBuddy’s daily
survey of 275 stations.

Gas prices in Lexington are 39.5 cents per gallon higher than a month ago and stand 60.2 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington
is priced at $1.59 a gallon, while the most expensive is $1.99, a difference of 40 cents per gallon. The lowest price in the state is $1.59 while the highest is $2.19/g, a difference of 60 cents per gallon.

The national average price of gasoline has risen 4.3 cents per gallon in
the last week, averaging $2.02 Monday. The national average is up 19.8
cents per gallon from a month ago and stands 72.5 cents per gallon lower
than a year ago.

Historical gasoline prices in Lexington and the national average going back 10 years:
June 8, 2019: $2.58/g (U.S. Average: $2.75/g)
June 8, 2018: $2.72/g (U.S. Average: $2.93/g)
June 8, 2017: $2.26/g (U.S. Average: $2.35/g)
June 8, 2016: $2.41/g (U.S. Average: $2.36/g)
June 8, 2015: $2.62/g (U.S. Average: $2.75/g)
June 8, 2014: $3.73/g (U.S. Average: $3.66/g)
June 8, 2013: $3.59/g (U.S. Average: $3.64/g)
June 8, 2012: $3.57/g (U.S. Average: $3.55/g)
June 8, 2011: $3.71/g (U.S. Average: $3.74/g)
June 8, 2010: $2.66/g (U.S. Average: $2.69/g)

Neighboring areas and their current gas prices:
Kentucky- $1.88/g, up 9.4 cents per gallon from last week’s $1.78/g.
Cincinnati- $1.98/g, up 3.1 cents per gallon from last week’s $1.95/g.
Louisville- $2.09/g, up 3.7 cents per gallon from last week’s $2.05/g.

“It’s no surprise that gasoline prices have increased for the sixth
straight week as gasoline demand has hit its highest level since early
March as Americans are returning to the roads,” said Patrick De Haan,
head of petroleum analysis for GasBuddy. “With OPEC extending its large
oil production cuts until at least July, oil prices continue to rally.

“In Sunday evening trade, a barrel of WTI crude oil briefly touched $40
per barrel, the highest level in months thanks to rebounding demand for
oil and gasoline as well as the previous production cuts. While I don’t
see oil’s strength holding too long given that oil demand remains 20-25%
below a year ago, I believe the anxiety pushing oil prices up is coming
from the fact that the economy may be recovering quicker than most
anticipated. For now, motorists will likely continue to see gas prices
rising for the weeks ahead,” De Haan continued.

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