Gas prices mostly stable during last week, could be headed up

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 1.2 cents per gallon in the past week, averaging $2.95/g Tuesday, according to GasBuddy’s daily survey of 275 stations in Lexington.

Gas prices in Lexington are 1.4 cents per gallon higher than a month ago and stand 84.8 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.72/g Tuesday while the most expensive is $3.09/g, a difference of 37.0 cents per gallon. The lowest price in the state is $2.59/g while the highest is $3.29/g, a difference of 70.0 cents per gallon.

The national average price of gasoline is unchanged in the last week, averaging $3.12/g. The national average is up 7.9 cents per gallon from a month ago and stands 94.3 cents per gallon higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
July 6, 2020: $2.11/g (U.S. Average: $2.18/g)
July 6, 2019: $2.62/g (U.S. Average: $2.75/g)
July 6, 2018: $2.89/g (U.S. Average: $2.86/g)
July 6, 2017: $2.24/g (U.S. Average: $2.26/g)
July 6, 2016: $2.11/g (U.S. Average: $2.25/g)
July 6, 2015: $2.65/g (U.S. Average: $2.76/g)
July 6, 2014: $3.67/g (U.S. Average: $3.65/g)
July 6, 2013: $3.42/g (U.S. Average: $3.47/g)
July 6, 2012: $3.32/g (U.S. Average: $3.36/g)
July 6, 2011: $3.51/g (U.S. Average: $3.57/g)

Neighboring areas and their current gas prices:
Kentucky- $2.90/g, up 1.9 cents per gallon from last week’s $2.88/g.
Cincinnati- $3.06/g, down 4.0 cents per gallon from last week’s $3.10/g.
Louisville- $3.06/g, down 2.9 cents per gallon from last week’s $3.09/g.

“Gasoline demand over the holiday weekend certainly did not disappoint as millions of Americans flooded the roads for the long weekend, guzzling down gasoline at a clip not seen in years, and in the process, we could have set new all-time records for consumption,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As OPEC+ met over the weekend and saw a heated disagreement about raising oil production, WTI crude oil surged in Monday evening electronic trading to nearly $77 per barrel on higher demand and a lack of additional supply from OPEC amidst a mountain of disagreement on how to respond to the market. For now, with imbalances in supply and demand continuing, motorists will continue digging deeper to pay for gasoline as prices are likely headed no where but up until global supply starts to catch up with the continued surge in demand.”

Categories: Featured, Local News, News, State News

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