WKYT | Lexington, Kentucky | News, Weather, Sports

Mideast unrest impacts your wallet, gas prices rise

On Tuesday, gas prices jumped well above the three dollar mark in Lexington. In some areas of the city,gas rose to $3.35 a gallon by noon. The prices are the highest in Lexington in about 2 and a half years.

"It's linked to the uprising crisis in the Middle East. Speculators are speculating on the price of crude oil, and traders are locking in the prices and buying it as quickly as they can," said Christopher Oakford with AAA.

Oakford says if the unrest continues you can expect to continue paying more at the pump.

On Monday, the average price of gas in Kentucky was about $3.10 a gallon.

So, when you buy a gallon of gas, where does your money really go?

A WKYT reality check finds 67% of every dollar goes to crude oil, which is getting more expensive because of the turmoil in the Middle East. 11% goes to refining that oil into gas, according to the Energy Department. Distributors and marketers receive a 9% cut, while 13% goes to taxes.


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