Gas prices drop during past week but increase likely coming: GasBuddy

Prices about a dime lower than a month ago

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 2.2 cents per gallon in the past week, averaging $2.94/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington. Gas prices in Lexington are 9.7 cents per gallon lower than a month ago and stand 74.1 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.73/g Monday while the most expensive is $3.25/g, a difference of 52.0 cents per gallon. The lowest price in the state  is $2.57/g while the highest is $3.45/g, a difference of 88.0 cents per gallon.

The national average price of gasoline has fallen 4.3 cents per gallon in the last week, averaging $3.25/g Monday. The national average is down 14.1 cents per gallon from a month ago and stands $1.00/g higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
December 27, 2020: $2.20/g (U.S. Average: $2.25/g)
December 27, 2019: $2.39/g (U.S. Average: $2.57/g)
December 27, 2018: $2.01/g (U.S. Average: $2.29/g)
December 27, 2017: $2.43/g (U.S. Average: $2.46/g)
December 27, 2016: $2.33/g (U.S. Average: $2.29/g)
December 27, 2015: $1.91/g (U.S. Average: $2.00/g)
December 27, 2014: $2.05/g (U.S. Average: $2.29/g)
December 27, 2013: $3.33/g (U.S. Average: $3.27/g)
December 27, 2012: $3.22/g (U.S. Average: $3.26/g)
December 27, 2011: $3.33/g (U.S. Average: $3.23/g)

Neighboring areas and their current gas prices:
Kentucky- $2.93/g, down 2.9 cents per gallon from last week’s $2.96/g.
Cincinnati- $2.99/g, down 4.7 cents per gallon from last week’s $3.03/g.
Louisville- $2.98/g, down 3.1 cents per gallon from last week’s $3.01/g.

“Nearly every state saw average gasoline prices decline last week as millions of Americans took to the road for holiday travel, with the national average now nearly 20 cents per gallon lower than in early November. While the fall in prices is welcomed, we set an ugly new record for the holiday- it was the most expensive Christmas Day we’ve ever seen by two tenths of a penny,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “The average on Christmas was $3.264 per gallon, just a fraction of a penny higher than Christmas Day 2013 which saw the national average at $3.262 per gallon. Motorists shouldn’t get too worked up about it – the downward direction in gas prices should persist into this week in most areas. However, gas prices are likely to jump in the Great Lakes due to a behavior called price cycling, caused by a rise in the wholesale price of gasoline against a backdrop of prices in the region that have now fallen under replacement cost. This will trigger a likely jump in gas prices in Michigan, Indiana, Ohio, Illinois and Kentucky very soon.”

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