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KY gas prices could soon drop below $3. Here’s latest outlook, plus cheap Lexington spots

Lexington Herald-Leader logo Lexington Herald-Leader 9/19/2022 Jackie Starkey, Lexington Herald-Leader

From a high of $4.798 per gallon in June, regular fuel prices are falling in Kentucky, with the state averaging $3.276 a gallon as of Monday morning.

Some parts of the state are already seeing prices fall below the $3 mark, including several stations in Russellville, Franklin, Elizabethtown, Mayfield and more, crowd-sourced site GasBuddy indicates. That trend is expected to continue, according to analysis by travel company AAA.

“With some counties in Kentucky already averaging very near the $3 mark, we are seeing stations already pricing below $3 and unless something occurs that sends oil prices shooting upward, Kentuckians can expect to see gas prices below $3 throughout much of the commonwealth as we go through the fall,” Lori Weaver Hawkins, public affairs managers for AAA Blue Grass, noted in an email to the Herald-Leader Friday.

Nationally, fuel prices are higher than the Bluegrass State, averaging $3.677 for a gallon of regular across the U.S. Monday. Southern states are seeing the lowest gas prices, data from GasBuddy shows.

Crude oil prices — the biggest driver in the charge at the pump — have fallen in recent weeks amid anxiety over a looming recession and inflation, AAA and other analysts have noted. Those crude oil prices increased Wednesday “due to a weakening dollar,” Weaver Hawkins noted, but trended down again Thursday.

“We should expect to see the continuation of the more moderate drops we’ve become accustomed to over the last few weeks. While there are a number of factors that could cause oil prices to reverse direction ― leading to increases at the pump ― there are currently no factors on the most immediate horizon that are expected to counter what has mostly been a downward trend in crude prices,” the AAA representative wrote.

The falling prices also coincide with declining annual demand in the U.S. following the Labor Day holiday.

Gas prices in Kentucky

As of Monday, prices were averaging the highest in the eastern part of the state, though a couple counties in northern Kentucky were also seeing a gallon go for more than $3.473.

A cluster of counties in the central and western reaches were seeing the lowest prices. Here’s the average price of a gallon by Kentucky county, courtesy of AAA.

Note: This graphic will automatically update as new data become available.

Where to find the cheapest gas in Lexington

The average price of a gallon of regular was around $3.33 in Fayette County, AAA reported Monday.

You may find a few stations where it’s cheaper, however. Here’s some options from GasBuddy. These prices were reported by consumers and are subject to change.

  • Marathon at 641 Red Mile Road: $2.89
  • BP at 4538 Georgetown Road: $3.07
  • Costco at 1500 Fitzgerald Court: $3.12
  • Sam’s Club at 1063 East New Circle Road: $3.12
  • Lex Express at 176 West New Circle Road: $3.15

Do you have a question about Kentucky for our service journalism team? We’d like to hear from you. Fill out our Know Your Kentucky form or email ask@herald-leader.com.

©2022 Lexington Herald-Leader. Visit kentucky.com. Distributed by Tribune Content Agency, LLC.

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