Gas prices in region dip slightly, demand continues to rise

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 7.7 cents per gallon higher than a month ago and stand 96.2 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station Monday in Lexington is $2.73/g while the most expensive is $3.01/g, a difference of 28.0 cents per gallon. The lowest price in the state is $2.55/g while the highest is $3.29/g, a difference of 74.0 cents per gallon.

The national average price has risen 0.6 cents per gallon in the last week, averaging $3.04/g. The national average is up 8.4 cents per gallon from a month ago and stands $1.02/g higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
June 7, 2020: $1.98/g (U.S. Average: $2.02/g)
June 7, 2019: $2.59/g (U.S. Average: $2.75/g)
June 7, 2018: $2.74/g (U.S. Average: $2.94/g)
June 7, 2017: $2.27/g (U.S. Average: $2.35/g)
June 7, 2016: $2.43/g (U.S. Average: $2.36/g)
June 7, 2015: $2.63/g (U.S. Average: $2.76/g)
June 7, 2014: $3.74/g (U.S. Average: $3.66/g)
June 7, 2013: $3.60/g (U.S. Average: $3.64/g)
June 7, 2012: $3.52/g (U.S. Average: $3.56/g)
June 7, 2011: $3.74/g (U.S. Average: $3.76/g)

Neighboring areas and their current gas prices:
Kentucky- $2.85/g, down 0.6 cents per gallon from last week’s $2.86/g.
Cincinnati- $2.95/g, down 3.7 cents per gallon from last week’s $2.98/g.
Louisville- $3.06/g, up 7.0 cents per gallon from last week’s $2.99/g.

“We’re entering our fourth straight week with the national average above the key $3 per gallon level, but while gas prices haven’t broken past the low $3s, they have also failed to decline much from their peak as demand for gasoline continues to push higher as the summer driving season is underway,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “According to GasBuddy data, gasoline demand last week eclipsed the prior week, when millions of Americans were gearing up for Memorial Day travel, not an easy feat, but highlights that economic conditions are ripe for continued growth in demand, contributing to prices holding at high levels. As OPEC has maintained a slow but steady increase in oil production, that additional production is quickly being gobbled up by a global economy that continues to recover. Our current gas prices likely won’t change much by July 4, but remain stubbornly high, barring any major curveballs to supply and demand.”

Categories: Featured, Local News, News

Leave a Reply

Your email address will not be published. Required fields are marked *