Gas prices in region dip slightly, still $1.04 higher than year ago

Oil has held around $83 per barrel and price increases should slow down soon

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 3.2 cents per gallon in the past week, averaging $3.07/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington. Gas prices in Lexington are 10.2 cents per gallon higher than a month ago and stand $1.04/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.91/g while the most expensive is $3.29/g, a difference of 38.0 cents per gallon. The lowest price in the state is $2.75/g while the highest is $3.45/g, a difference of 70.0 cents per gallon.

The national average price of gasoline has risen 3.8 cents per gallon in the last week, averaging $3.36/g Monday. The national average is up 17.1 cents per gallon from a month ago and stands $1.21/g higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
October 25, 2020: $2.03/g (U.S. Average: $2.14/g)
October 25, 2019: $2.33/g (U.S. Average: $2.61/g)
October 25, 2018: $2.56/g (U.S. Average: $2.83/g)
October 25, 2017: $2.25/g (U.S. Average: $2.45/g)
October 25, 2016: $2.24/g (U.S. Average: $2.22/g)
October 25, 2015: $2.05/g (U.S. Average: $2.20/g)
October 25, 2014: $3.14/g (U.S. Average: $3.05/g)
October 25, 2013: $3.29/g (U.S. Average: $3.30/g)
October 25, 2012: $3.33/g (U.S. Average: $3.59/g)
October 25, 2011: $3.33/g (U.S. Average: $3.44/g)

Neighboring areas and their current gas prices:
Kentucky- $3.07/g, up 0.4 cents per gallon from last week’s $3.07/g.
Cincinnati- $3.20/g, down 4.2 cents per gallon from last week’s $3.24/g.
Louisville- $3.16/g, up 9.1 cents per gallon from last week’s $3.07/g.

“Gas prices continued to soar in a majority of the nation over the last week as oil’s meteoric rise pulls gasoline and other refined product prices higher. But, there may be some light at the end of the tunnel,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “The sharp rise we’ve seen over the last three weeks should begin slowing down soon, barring another jump in the price of oil. This is because gasoline prices have now largely caught up to the jump in oil that started nearly a month ago. This isn’t an all clear for the future, however, as oil prices could rise again at any time. But for now, oil has held around $83 per barrel, and without a further climb, gas price increases should slow down soon in the bulk of the nation.”

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