Gas prices down in last week, Hurricane Ida to cause increase

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 5.3 cents per gallon in the past week, averaging $2.82/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington.

Gas prices in Lexington are 7.8 cents per gallon lower than a month ago and stand 75.1 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.59/g Monday while the most expensive is $3.00/g, a difference of 41.0 cents per gallon.

The lowest price in the state is $2.36/g while the highest is $3.29/g, a difference of 93.0 cents per gallon.

The national average price of gasoline has fallen 2.2 cents per gallon in the last week, averaging $3.12/g Monday. The national average is down 2.9 cents per gallon from a month ago and stands 90.1 cents per gallon higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
August 30, 2020: $2.07/g (U.S. Average: $2.22/g)
August 30, 2019: $2.26/g (U.S. Average: $2.57/g)
August 30, 2018: $2.67/g (U.S. Average: $2.83/g)
August 30, 2017: $2.46/g (U.S. Average: $2.44/g)
August 30, 2016: $2.13/g (U.S. Average: $2.22/g)
August 30, 2015: $2.42/g (U.S. Average: $2.48/g)
August 30, 2014: $3.40/g (U.S. Average: $3.43/g)
August 30, 2013: $3.65/g (U.S. Average: $3.58/g)
August 30, 2012: $3.93/g (U.S. Average: $3.83/g)
August 30, 2011: $3.62/g (U.S. Average: $3.61/g)

Neighboring areas and their current gas prices:
Kentucky- $2.82/g, up 1 cent per gallon from last week’s $2.81/g.
Cincinnati- $2.98/g, up 6.2 cents per gallon from last week’s $2.92/g.
Louisville- $2.87/g, down 5.2 cents per gallon from last week’s $2.92/g.

“While the national average price of gasoline declined yet again over the last week, Hurricane Ida has been causing countless disruptions to critical infrastructure, including oil production, refineries and pipelines. We’re likely to see a reversal this week, but motorists need not be too concerned at this point,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “I expect the national average to rise in the neighborhood of 5-15 cents per gallon in the next couple of weeks- far smaller than the impact from Hurricanes Katrina and Harvey, but with damage assessments still to come, it’s possible we see slight deviation from that. While Colonial Pipeline shut Lines 1 and 2 as a precaution, it’s highly unlikely that this will cause any long-term disruption to fuel supply like we saw months ago after the company was hacked. The biggest question for refineries will be the flooding- which could alter the rise in gas prices, but the odds of a massive surge in gas prices nationwide are extremely low.”

Categories: Featured, Local News, News, State News

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