Gas prices drop again, back below $2 across region

LEXINGTON, Ky. (WTVQ) – Lexington gas prices have fallen 5.7 cents per gallon in the past week, averaging $1.95/g Monday, according to GasBuddy’s daily survey of 275 stations.

Gas prices in Lexington are 13.0 cents per gallon lower than a month ago and stand 40.5 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is $1.75/g while the most expensive is $2.19/g, a difference of 44.0 cents per gallon. The lowest price in the state is $1.65/g while the highest is $2.37/g, a difference of 72.0 cents per gallon.

The national average price of gasoline has fallen 1.1 cents per gallon in the last week, averaging $2.16/g Monday. The national average is down 3.5 cents per gallon from a month ago and stands 47.7 cents per gallon lower than a year ago.

Historical gasoline prices in Lexington and the national average going back 10 years:
August 10, 2019: $2.35/g (U.S. Average: $2.64/g)
August 10, 2018: $2.67/g (U.S. Average: $2.86/g)
August 10, 2017: $2.26/g (U.S. Average: $2.35/g)
August 10, 2016: $2.15/g (U.S. Average: $2.13/g)
August 10, 2015: $2.26/g (U.S. Average: $2.59/g)
August 10, 2014: $3.35/g (U.S. Average: $3.48/g)
August 10, 2013: $3.46/g (U.S. Average: $3.55/g)
August 10, 2012: $3.70/g (U.S. Average: $3.67/g)
August 10, 2011: $3.50/g (U.S. Average: $3.62/g)
August 10, 2010: $2.75/g (U.S. Average: $2.76/g)

Neighboring areas and their current gas prices includee:
Kentucky- $1.94/g, down 2.5 cents per gallon from last week’s $1.96/g.
Cincinnati- $2.20/g, up 8.2 cents per gallon from last week’s $2.12/g.
Louisville- $2.17/g, down 7.1 cents per gallon from last week’s $2.24/g.

“Gas prices have remained in very familiar territory for the sixth straight week as gasoline demand fell slightly last week, keeping oil prices confined as forces prevent it from falling under $39 but also from breaching $42 per barrel. However, as summer begins to fade, demand recovery may be limited, and there’s a possibility we may see more downside potential in the last quarter of the year,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“Traditionally, gasoline demand weakens into the autumn, and as the coronavirus situation keeps more kids home and more parents from work, we may see a drop in gas prices as we progress through fall. However, since no one can predict when we may rebound from the coronavirus situation, nothing long-term is set in stone, but we are on track for a seventh straight week of stable gas prices,” De Haan continued.

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