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How long will declining gas prices last?

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Posted at 8:23 AM, Jul 12, 2022
and last updated 2022-07-12 09:09:44-04

(LEX 18) — After several months of soaring gas prices, drivers are starting to catch a break at the gas pump as prices appear to be falling.

The national average gas price has fallen 27 days straight after peaking to a record high in mid-June. Costs could drop even lower in the days and weeks ahead, according to GasBuddy.

"Gas prices will go lower even at those stations that are just freshly dropping under that $4 mark. And a lot of that is because the plummet in the price of oil that's recently occurred will likely take 2-3 weeks stations to fully pass along," Patrick de Haan, Head of Petroleum Analysis.

GasBuddy reports in the coming weeks gas prices could fall back under $4 a gallon, specifically on the Gulf Coast and in southern U.S. states.

Kentucky's current average gas price is about $4.37 and Lexington's current average is about $4.47.

Two of the lowest gas prices in Lexington is on Lane Allen and N. Broadway, courtesy of GasBuddy.com,

The Valero on Lane Allen was $4.28 and Thorton's on N. Broadway was $4.39 at last check.

The lowest price for gas in the state is $3.59 at Spur Oil in Barbourville.

Keep in mind: these prices could change before you arrive at the pump.

Experts say falling oil prices will continue to keep costs down for consumers but for how long? Potential disruptions that could cause oil prices to reverse and go back up include an unexpected outage, major hurricane, or data showing a stronger economy than anticipated.