Lexington gas prices down a nickel from last month, up $1 from year ago

Global oil demand down slightly, pushing prices slightly lower

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 2.8 cents per gallon in the past week, averaging $3.03/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington. Gas prices in Lexington are 4.8 cents per gallon lower than a month ago and stand $1.05/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.82/g while the most expensive is $3.19/g, a difference of 37.0 cents per gallon. The lowest price in the state Monday is $2.74/g while the highest is $3.45/g, a difference of 71.0 cents per gallon.

The national average price of gasoline has fallen 1.9 cents per gallon in the last week, averaging $3.39/g Monday. The national average is up 2.8 cents per gallon from a month ago and stands $1.30/g higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
November 22, 2020: $1.99/g (U.S. Average: $2.10/g)
November 22, 2019: $2.44/g (U.S. Average: $2.60/g)
November 22, 2018: $2.18/g (U.S. Average: $2.55/g)
November 22, 2017: $2.28/g (U.S. Average: $2.52/g)
November 22, 2016: $2.06/g (U.S. Average: $2.13/g)
November 22, 2015: $1.94/g (U.S. Average: $2.07/g)
November 22, 2014: $2.74/g (U.S. Average: $2.82/g)
November 22, 2013: $3.35/g (U.S. Average: $3.22/g)
November 22, 2012: $3.57/g (U.S. Average: $3.43/g)
November 22, 2011: $3.22/g (U.S. Average: $3.33/g)

Neighboring areas and their current gas prices:
Kentucky- $3.06/g, down 2.5 cents per gallon from last week’s $3.08/g.
Cincinnati- $3.22/g, down 4.3 cents per gallon from last week’s $3.27/g.
Louisville- $3.10/g, down 7.3 cents per gallon from last week’s $3.17/g.

“With oil prices plunging nearly $10 from the recent peak of $85 per barrel, motorists will start to see gas prices decline nationwide, just in time for Thanksgiving, and the decline could stretch for several weeks,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “It’s not impossible- so long as oil prices hold near these levels or continue falling- that the national average could shed 15 to 30 cents per gallon over the coming weeks, while some areas like California could see declines of as much as 25 to 40 cents. While there’s reason to be optimistic that the peak of gas prices will soon be behind us, the decline in the price of oil is likely reflecting the possibility of a coordinated global release of oil from strategic reserves. If that doesn’t happen, oil could again rally. However, with Covid cases on the rise again reducing global demand, it does seem the most likely outcome will be a drop in gas prices that could last several weeks.”

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