Gas prices spiking higher again

Gas prices spiking higher again
Published: Jan. 23, 2023 at 10:54 AM EST
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LEXINGTON, Ky. (WKYT) - Gas prices are spiking higher again.

Prices are now well over $3 a gallon at many Kentucky stations, and the price increases might not stop anytime soon.

GasBuddy.com reports gas in the Lexington area jumped 27 and a half cents last week alone, and prices are now more than 43 cents higher than a month ago and 21 cents more than a year ago.

All of this comes from continued refinery challenges, releases from the strategic petroleum reserve wrapping up, and the demand for gas increasing as we move away from the lighter demand the winter usually brings.

Right now, the national average is about $3.40 a gallon, with the Kentucky average about $3.16 a gallon.