Gas prices in region drop slightly in last week, at $3 a gallon

Prices remain almost $1 above last year

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 4.5 cents per gallon in the past week, averaging $3.00/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington. Gas prices in Lexington are 6.3 cents per gallon lower than a month ago and stand 95.5 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.81/g Monday while the most expensive is $3.25/g, a difference of 44.0 cents per gallon. The lowest price in the state is $2.59/g while the highest is $3.45/g, a difference of 86.0 cents per gallon.

The national average price of gasoline has fallen 5.3 cents per gallon in the last week, averaging $3.34/g Monday. The national average is down 6.9 cents per gallon from a month ago and stands $1.19/g higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
December 6, 2020: $2.04/g (U.S. Average: $2.16/g)
December 6, 2019: $2.47/g (U.S. Average: $2.59/g)
December 6, 2018: $2.25/g (U.S. Average: $2.43/g)
December 6, 2017: $2.33/g (U.S. Average: $2.47/g)
December 6, 2016: $2.16/g (U.S. Average: $2.19/g)
December 6, 2015: $1.92/g (U.S. Average: $2.03/g)
December 6, 2014: $2.57/g (U.S. Average: $2.68/g)
December 6, 2013: $3.23/g (U.S. Average: $3.25/g)
December 6, 2012: $3.42/g (U.S. Average: $3.37/g)
December 6, 2011: $3.20/g (U.S. Average: $3.27/g)

Neighboring areas and their current gas prices:
Kentucky- $3.02/g, down 4.3 cents per gallon from last week’s $3.07/g.
Cincinnati- $3.13/g, down 5.3 cents per gallon from last week’s $3.18/g.
Louisville- $3.13/g, unchanged from last week’s $3.13/g.

“The downturn in average gas prices continued to gain momentum last week as oil prices remained at a hefty discount. This is largely due to continued anxiety over the omicron variant and because some countries have begun issuing lockdowns, keeping motorists in some countries from consuming as much fuel,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “While the Great Lakes region, the fastest to see prices respond to market fluctuations, is seeing hefty monthly declines approaching 30 cents per gallon, much of the rest of the country is lagging behind. But, we will see precipitous declines in the next week or two as stations continue to sell through higher priced inventory before slowly lowering their prices. It’s not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices.”

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