Average retail gasoline prices in Kansas have fallen 0.8 cents per gallon in the past week, averaging $2.04 per gallon Sunday, according to GasBuddy’s daily survey of 1,329 gas outlets in Kansas. This compares with the national average that has increased 1.5 cents per gallon in the last week to $2.22.
Including the change in gas prices in Kansas during the past week, prices yesterday were 12.7 cents per gallon lower than the same day one year ago and are 10.6 cents per gallon lower than a month ago. The national average has increased 1.4 cents per gallon during the last month and stands 7.3 cents per gallon lower than this day one year ago.
Nonetheless, the American Automobile Association reported that when looking statewide, the average gas price in Kansas has stayed relatively flat. A few areas the AAA monitor shave seen changes both up and down.
Topeka’s average moved up seven cents while Wichita and Lawrence saw a penny drop. Salina has the largest percentage saving over last year with 7 percent at an average of $1.92 Monday.
Augusta holds the low average with $1.82 followed by Wichita at $184 and Coffeyville at $1.85, Gasbuddy’s survey showed. The high came at Oberlin at $2.35, followed by Howard and Norton, both at $2.29.
Great Bend and Larned reported pump prices around $2.11 which is has not changed for the past couple weeks. Lyons reported $2.02.
The national average has been relatively stable since Sept. 3, and drivers in 21 states are paying less at the pump week-over-week, AAA said in a statement released Monday. Drivers may continue to see pump prices wobble higher or lower in the next few weeks as the market reacts to the OPEC production agreement, continued refinery maintenance and a possible hurricane along the East Coast.
According to GasBuddy’s historical data, gasoline prices on Oct. 3 in Kansas have ranged widely over the last five years: $2.17 in 2015, $3.13 in 2014, $3.26 in 2013, $3.75 in 2012 and $3.28 in 2011.
“Gasoline prices quickly reacted to news last week that OPEC had come to a decision regarding cutting back oil production,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Oil prices surged on the news which fueled gas prices to jump as well, but several days after the news broke, there’s reason to doubt OPEC’s sincerity of a possible production cut.”
According to the AAA, crude oil futures traded higher Monday morning following OPEC’s announcement that it had agreed to limit its oil production. OPEC has provided few details of the agreement or how it will implement the production freeze, but members will be meeting again on Nov. 30.
Traders will continue to watch for additional announcements from OPEC and will keep an eye on discussions surrounding the upcoming meeting. At the close of Friday’s formal trading session on the NYMEX, WTI was up 41 cents to settle at $48.24 per barrel.
In addition, Hurricane Matthew is a major storm worth monitoring as it heads for the East Coast- perhaps to areas affected by the Colonial Pipeline outage last month.
