Region’s gas prices down slightly again, oil price volatility remains

Prices lower than months ago, still well ahead of year ago

LEXINGTON, Ky. (WTVQ/GasBuddy) – Lexington gas prices have fallen 1.2 cents per gallon in the past week, averaging $3.06/g Monday, according to GasBuddy’s daily survey of 275 stations in Lexington. Gas prices in Lexington are 6.7 cents per gallon lower than a month ago and stand $1.17/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Lexington is priced at $2.89/g while the most expensive is $3.39/g, a difference of 50.0 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 risen 1.8 cents per gallon in the last week, averaging $3.41/g. The national average is up 15.1 cents per gallon from a month ago and stands $1.31/g higher than a year ago.

Historical prices in Lexington and the national average going back 10 years:
November 8, 2020: $1.89/g (U.S. Average: $2.09/g)
November 8, 2019: $2.52/g (U.S. Average: $2.63/g)
November 8, 2018: $2.41/g (U.S. Average: $2.72/g)
November 8, 2017: $2.42/g (U.S. Average: $2.56/g)
November 8, 2016: $2.01/g (U.S. Average: $2.20/g)
November 8, 2015: $2.31/g (U.S. Average: $2.22/g)
November 8, 2014: $3.06/g (U.S. Average: $2.93/g)
November 8, 2013: $3.17/g (U.S. Average: $3.20/g)
November 8, 2012: $3.44/g (U.S. Average: $3.46/g)
November 8, 2011: $3.38/g (U.S. Average: $3.41/g)

Neighboring areas and their current gas prices:
Kentucky- $3.08/g, down 0.6 cents per gallon from last week’s $3.09/g.
Cincinnati- $3.32/g, up 16.3 cents per gallon from last week’s $3.16/g.
Louisville- $3.23/g, up 3.8 cents per gallon from last week’s $3.19/g.

“Last week saw oil prices briefly fall back under $80 for the first time in weeks. While it wasn’t enough to provide much relief last week, we should see small declines this week in a majority of the country, thanks to the corresponding drop in wholesale gasoline prices,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “At OPEC’s monthly meeting last week, the cartel held firm to the small increases they agreed to in July, raising November production by 400,000 barrels per day. With President Biden still mulling over options to help push gas prices down, we could continue to see some volatility in oil prices. I don’t immediately see a large decline or surge coming in the run up to Thanksgiving, but U.S. gasoline demand does remain strong. Levels are currently rivaling September demand, so we know high prices aren’t significantly curbing consumption.”

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