Gas prices up slightly from last week, more increases coming

Concerns over Russia and Ukraine and world oil impact in play

LEXINGTON, Ky. (WTVQ/GasBuddy) – Average gasoline prices in Lexington have risen 0.4 cents per gallon in the last week, averaging $3.11/g Monday, according to GasBuddy’s survey of 275 stations in Lexington. Prices in Lexington are 15.6 cents per gallon higher than a month ago and stand 75.1 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington was priced at $2.98/g Sunday while the most expensive was $3.25/g, a difference of 27.0 cents per gallon. The lowest price in the state Sunday was $2.74/g while the highest was $3.49/g, a difference of 75.0 cents per gallon.

The national average price of gasoline has risen 8.0 cents per gallon in the last week, averaging $3.42/g Monday. The national average is up 12.3 cents per gallon from a month ago and stands 97.5 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical prices in Lexington and the national average going back 10 years:
February 7, 2021: $2.36/g (U.S. Average: $2.45/g)
February 7, 2020: $2.09/g (U.S. Average: $2.43/g)
February 7, 2019: $2.19/g (U.S. Average: $2.30/g)
February 7, 2018: $2.38/g (U.S. Average: $2.60/g)
February 7, 2017: $2.13/g (U.S. Average: $2.26/g)
February 7, 2016: $1.58/g (U.S. Average: $1.74/g)
February 7, 2015: $2.33/g (U.S. Average: $2.17/g)
February 7, 2014: $3.25/g (U.S. Average: $3.26/g)
February 7, 2013: $3.49/g (U.S. Average: $3.56/g)
February 7, 2012: $3.51/g (U.S. Average: $3.48/g)

Neighboring areas and their current gas prices:
Kentucky- $3.13/g, up 8.4 cents per gallon from last week’s $3.04/g.
Cincinnati- $3.28/g, up 12.9 cents per gallon from last week’s $3.15/g.
Louisville- $3.22/g, up 18.8 cents per gallon from last week’s $3.03/g.

“Gas prices saw their sharpest rise in months last week as oil surged to $93 per barrel, on continued concerns over Russia invading Ukraine and that there won’t be enough supply to meet demand come this summer,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With the national average at its highest level since 2014, the news is grim: motorists should expect even more price increases, with the larger jumps coming later this spring as a confluence of seasonal factors and the potential flare up in geopolitical tensions. Ultimately, the national average could be pushed to record territory by the start of the summer driving season.”

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