Oct. 16–A drop in consumer demand and increased inventory has caused a drop in the cost of gas in Kentucky, according to AAA.
Kentucky had the eighth-greatest decrease in gas prices last week, falling 7 cents on average in the state. Lexington had the most dramatic decline last week with an average drop of 15 cents, AAA stated.
The average gas price in Lexington is now $2.68 per gallon, and you can even get it for as low as $2.57, according to GasBuddy.com.
Lori Weaver Hawkins of AAA Bluegrass said “gas prices may be signaling they are finally decreasing.”
High crude oil prices and regional refinery maintenance were the main reasons why gas remained higher in previous weeks, according to AAA.
While gas prices have shown a slight decrease, it’s still a far cry from the prices this time last year. According to AAA data, today’s gas price average in Kentucky is 42 cents more expensive than last year’s $2.34 per gallon.
Lower-than-normal crude oil storage has contributed to this fall having the most expensive gas prices since 2014, AAA said.
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