Lexington-area gas prices up slightly, decline might come in fall

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have risen 3.0 cents per gallon in the past week, averaging $2.97/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington.

Gas prices in Lexington are 2.9 cents per gallon higher than a month ago and stand $1.02/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.76/g while the most expensive is $3.09/g, a difference of 33.0 cents per gallon. The lowest price in the state Monday is $2.65/g while the highest is $3.29/g, a difference of 64.0 cents per gallon.

The national average price of gasoline has risen 0.6 cents per gallon in the last week, averaging $3.18/g. The national average is up 3.5 cents per gallon from a month ago and stands $1.02/g higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
August 9, 2020: $1.95/g (U.S. Average: $2.16/g)
August 9, 2019: $2.38/g (U.S. Average: $2.65/g)
August 9, 2018: $2.68/g (U.S. Average: $2.87/g)
August 9, 2017: $2.27/g (U.S. Average: $2.36/g)
August 9, 2016: $2.14/g (U.S. Average: $2.12/g)
August 9, 2015: $2.27/g (U.S. Average: $2.60/g)
August 9, 2014: $3.37/g (U.S. Average: $3.47/g)
August 9, 2013: $3.49/g (U.S. Average: $3.56/g)
August 9, 2012: $3.71/g (U.S. Average: $3.66/g)
August 9, 2011: $3.52/g (U.S. Average: $3.64/g)

Neighboring areas and their current gas prices:
Kentucky- $2.93/g, up 3.7 cents per gallon from last week’s $2.89/g.
Cincinnati- $3.13/g, up 6.8 cents per gallon from last week’s $3.06/g.
Louisville- $3.11/g, down 3.1 cents per gallon from last week’s $3.14/g.

“Motorists have seen average gas prices edge slightly higher over the last week, even as the price of oil saw selling pressure. This leads me to believe the tide may soon turn on gas prices, so long as we don’t see hurricanes target the country. In addition, GasBuddy data showed a decline in gasoline demand last week as we inch towards the end of the summer driving season, a time when demand softens,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “With the factors that drive prices higher now softening, I’m hopeful that in the next few weeks, we’ll start to see average gas prices declining. However, motorists shouldn’t get too excited yet – larger declines will likely not come until late September and October, as we transition back to cheaper winter gasoline.”

Categories: Featured, Local News, News, State News

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