Gas prices in region down more than 8 cents in last two weeks: GasBuddy

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 4.9 cents per gallon in the past week, averaging $2.88/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington.

This week’s decline follows a 3.3-cent drop the previous week.

Gas prices in Lexington are 3.6 cents per gallon lower than a month ago and stand 76.3 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.65/g Monday while the most expensive is $2.99/g, a difference of 34.0 cents per gallon. The lowest price in the state is $2.52/g while the highest is $3.29/g, a difference of 77.0 cents per gallon.

The national average price of gasoline has fallen 3.3 cents per gallon in the last week, averaging $3.14/g today. The national average is unchanged from a month ago and stands 96.5 cents per gallon higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
August 23, 2020: $2.12/g (U.S. Average: $2.18/g)
August 23, 2019: $2.36/g (U.S. Average: $2.59/g)
August 23, 2018: $2.80/g (U.S. Average: $2.84/g)
August 23, 2017: $2.28/g (U.S. Average: $2.34/g)
August 23, 2016: $2.20/g (U.S. Average: $2.19/g)
August 23, 2015: $2.57/g (U.S. Average: $2.60/g)
August 23, 2014: $3.50/g (U.S. Average: $3.43/g)
August 23, 2013: $3.48/g (U.S. Average: $3.53/g)
August 23, 2012: $3.64/g (U.S. Average: $3.71/g)
August 23, 2011: $3.48/g (U.S. Average: $3.56/g)

Neighboring areas and their current gas prices:
Kentucky- $2.82/g, down 7.1 cents per gallon from last week’s $2.89/g.
Cincinnati- $2.93/g, down 7.4 cents per gallon from last week’s $3.01/g.
Louisville- $2.92/g, down 10.6 cents per gallon from last week’s $3.03/g.

“Gasoline prices have started to slide over the last few days as oil prices have plunged, largely fueled by a continued global surge in Covid-19 cases and concern that fuel demand may shrink as more companies table return to work plans and the summer driving season comes to a close,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Excluding the plunge in gasoline prices as Covid unfolded in 2020, Sunday saw one of the largest single day declines in the national average in nearly three years. The good news won’t end there, either, as I fully expect the national average could drop back under $3 per gallon in the next three weeks. The bottom line for motorists is that if they don’t absolutely need to fill up, they should avoid doing so as fuel prices are nearly guaranteed to continue to decline in every state in the coming week.”

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