As summer started to heat up, the average retail gasoline prices in Kansas climbed 8.5 cents per gallon in the past week, the gas-price-tracking website KansasGassPrices.com reported Monday. On Sunday, the statewide average was $3.42 per gallon, compared with the national average that has fallen 3.2 cents per gallon in the last week to $3.53.
Including the change in gas prices in Kansas during the past week, prices yesterday were 10.5 cents per gallon lower than the same day one year ago and are 3.1 cents per gallon lower than a month ago. The national average has decreased 17.6 cents per gallon during the last month and stands 12.6 cents per gallon lower than this day one year ago.
The lowest prices in the state were found at Pittsburg ($3.24) and Grantsville ($3.28). The highest were at Liberal ($3.69) and Pratt ($3.62).
Locally, prices remained in the middle of the pack. Ellinwood reported $3.35 and Great Bend $3.38.
“I have a sneaking suspicion that the election in Greece may stir up oil prices this week, and we could see oil prices gain as markets feel more upbeat about the economic situation,” said GasBuddy.com senior petroleum analyst Patrick DeHaan. “While any gains in oil prices won’t likely be immediately felt, the debt situation in Europe bears keeping a close eye on as it has far reaching global implications.
Outside of that situation, DeHann said West Coast wholesale gasoline prices are now among the lowest in the nation with California, Oregon, and Washington seeing their averages drop back under $4, while the nation’s midsection may see prices rising in the week ahead.
The American Automobile Association reported motorists in South Carolina currently pay the least at the pump with a state average of $3.08 per gallon. Outside of Hawaii ($4.40) and Alaska ($4.29), California currently has the highest state average retail gasoline price at $3.99.
Lower crude oil prices and economic concerns both at home and abroad remain the primary reason for the steady decline in retail gasoline prices over the past several months, information from AAA notes. While crude prices last week remained relatively flat for a second consecutive week, persistent economic concerns and the delayed impact of the recent decline in crude prices, along with the alleviation of regional supply concerns on the West Coast, have kept downward pressure on gas prices.
Pump prices can take a week or two to reflect declines in global crude oil prices as the less-expensive crude makes its way through the supply chain to consumers. While prices last week were flat, the last several weeks have seen the continuation of a $20 per barrel decline from the May 1 recent peak.