LEXINGTON, Ky. (LEX 18)– Kentucky recently saw the largest weekly increase in gas prices in the country. AAA said that the global economy is partially to blame.
Kentucky’s average price per gallon jumped 16 cents in one week, that’s the largest weekly increase across the country. Nationally, average prices only went up seven cents.
However, Kentucky’s average of $2.48 a gallon is still lower than the national average of $2.55.
AAA said the feeling that the global economy is slowing down has a lot to do with the increase in prices, along with the fact that petroleum exporting countries have had an agreement to cut back production since the start of the year, which has brought gasoline stocks down.
Total stocks are at the lowest of the year and 3.2 million barrels less than this time last year. Drivers say the higher prices in Lexington are hard to ignore.
“I’m originally from Indiana and I was actually just up there about a week and a half ago visiting family and the first thing I notice is that it was definitely a lot cheaper back home. I was actually telling my aunt about it. It was about in the 2.20s there and I was like, wow this is a big jump,” said driver Tess McGill.
It could be a few more weeks before we see gas prices stop climbing as companies switch over to summer-blend gasoline.