Gas prices edge down, COVID surge may be hurting demand

LEXINGTON, Ky. (WTVQ/Gasbuddy) – Lexington gas prices have fallen 2.8 cents per gallon
in the past week, averaging $2.11/g Monday, according to GasBuddy’s daily
survey of 275 stations.

Gas prices in Lexington are 14.0 cents per gallon higher than a month ago and stand 51.1 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington
is priced at $1.93/g while the most expensive is $2.19/g, a
difference of 26.0 cents per gallon.

The lowest price in the state is $1.71/g while the highest is $2.39/g, a difference of 68.0 cents per gallon.

The national average price of gasoline has fallen 1.2 cents per gallon in the last week, averaging $2.17/g today. The national average is up 14.9 cents per gallon from a month ago and stands 58.1 cents per gallon lower than a year ago.

Historical gasoline prices in Lexington and the national average going back ten years:
July 6, 2019: $2.62/g (U.S. Average: $2.75/g)
July 6, 2018: $2.89/g (U.S. Average: $2.86/g)
July 6, 2017: $2.24/g (U.S. Average: $2.26/g)
July 6, 2016: $2.11/g (U.S. Average: $2.25/g)
July 6, 2015: $2.65/g (U.S. Average: $2.76/g)
July 6, 2014: $3.67/g (U.S. Average: $3.65/g)
July 6, 2013: $3.42/g (U.S. Average: $3.47/g)
July 6, 2012: $3.32/g (U.S. Average: $3.36/g)
July 6, 2011: $3.51/g (U.S. Average: $3.57/g)
July 6, 2010: $2.61/g (U.S. Average: $2.69/g)

Neighboring areas and their current gas prices:
Kentucky- $2.00/g, down 4.5 cents per gallon from last week’s $2.05/g.
Cincinnati- $2.18/g, down 3.6 cents per gallon from last week’s $2.22/g.
Louisville- $2.25/g, down 2.9 cents per gallon from last week’s $2.28/g.

“With July 4 behind us, we’re now half way through the summer driving season, and the pace of gas price increases has finally hit a wall. As of Sunday evening, it appears possible that we may break the nine straight weeks of rising prices thanks to a drop in demand fueled by COVID-19 cases surging in some states,” said Patrick De Haan, head of
petroleum analysis for GasBuddy.

“So far this summer, both holidays have seen the lowest prices since 2004, and its possible that if things don’t improve much by Labor Day we could see the rare trifecta of every summer holiday setting multi-year lows. For now, I believe we may see increases stall and some minor increases or decreases until we see a solid change in the coronavirus situation. For now, some states will see slight increases, some may see slight decreases, but gas prices are essentially stuck in limbo,” Haan added.

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