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Local Gas Prices Spike; Middle East Tensions Blamed

Posted: Jan 9, 2012 8:58 AM

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Average retail gasoline prices in Lexington rose 20.3 cents per gallon over the past week, averaging $3.45 per gallon Sunday. This compares with the national average that increased 7.9 cents per gallon in the last week to $3.34 per gallon, according to gasoline price website LexingtonGasPrices.com.

Including the change in gas prices in Lexington during the past week, prices Sunday stood 32.3 cents per gallon higher than the same day one year ago and 18.0 cents per gallon higher than a month ago. The national average increased 4.7 cents per gallon during the last month and stands 27.0 cents per gallon higher than this day one year ago.

"Gas prices are rising across much of the nation as Iran has continued to threaten closing the Strait of Hormuz, a vital waterway for global oil shipments," GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said. "Think back to the days following the start of the crisis in Libya- an event that also rattled energy markets- we're seeing similar emotions play out even though there hasn't yet been a disruption to supply. I would blame emotion for the recent uptick in gasoline prices, nothing else."

Topics: gas prices, Lexington, Iran

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