Gas prices in area up 8 cents, likely to continue rising

LEXINGTON, Ky. (WTVQ) – Lexington gas prices have risen 8.1 cents per gallon in the past week, averaging $2.04/g Monday, according to GasBuddy’s daily survey of 275 stations.

Gas prices in Lexington are 14.2 cents per gallon higher than a month ago and stand 39.5 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $1.84/g while the most expensive is $2.13/g, a difference of 29.0 cents per gallon.

The lowest price in the state todaym is $1.63/g while the highest is $2.28/g, a difference of 65.0 cents per gallon.

The national average price of gasoline has risen 3.5 cents per gallon in the last week, averaging $2.16/g Monday. The national average is up 5.7 cents per gallon from a month ago and stands 42.6 cents per gallon lower than a year ago.

Historical gasoline prices in Lexington and the national average going back 10 years:
December 7, 2019: $2.44/g (U.S. Average: $2.58/g)
December 7, 2018: $2.23/g (U.S. Average: $2.42/g)
December 7, 2017: $2.32/g (U.S. Average: $2.47/g)
December 7, 2016: $2.14/g (U.S. Average: $2.19/g)
December 7, 2015: $1.91/g (U.S. Average: $2.03/g)
December 7, 2014: $2.54/g (U.S. Average: $2.66/g)
December 7, 2013: $3.30/g (U.S. Average: $3.26/g)
December 7, 2012: $3.43/g (U.S. Average: $3.36/g)
December 7, 2011: $3.27/g (U.S. Average: $3.28/g)
December 7, 2010: $2.92/g (U.S. Average: $2.94/g)

Neighboring areas and their current gas prices:
Kentucky- $1.98/g, up 8.8 cents per gallon from last week’s $1.89/g.
Cincinnati- $2.03/g, up 10.9 cents per gallon from last week’s $1.92/g.
Louisville- $2.13/g, up 9.9 cents per gallon from last week’s $2.03/g.

“With oil’s rally to a new COVID-19 high-water mark, gas prices have begun to follow, even as gasoline demand crumbles to some of the lowest levels in months,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Optimism continues to propel oil markets higher, led by positive news on a COVID-19 vaccine, but should anything change timing wise, we could a reversal, but for now it remains full steam ahead with markets focused on the promise of oil and gasoline demand rising, or the best potential outcome of the situation. Should the hype be overblown, a correction could happen in the weeks or months ahead. For now, motorists may see more volatility in oil markets then we’ve seen in months.”