Gas prices went up a bit over the past week. There are fundamental reasons why.
“Our stocks of oil and gas were reduced by 2.8 billion barrels over the past week,” said Shawn Steward with AAA Kansas. “On the national average, we went up one cent to $2.61 a gallon. Here in Kansas, the average price increased two cents, up to $2.37.”
Gas is still 10 cents cheaper than it was this time last year.
“As always, we’re pretty low from a national perspective,” said Steward. “We’re 11th cheapest in the nation right now.”
Part of the strength in the oil market has to do with events far from Kansas.
“The biggest thing influencing prices we see at the pump is crude oil prices,” said Steward. “Those have increased a little bit in the last week or so,” said Steward. “Optimism has continued that China
and the United States are starting to resolve their trade tensions that have been going on for awhile.”
Steward says traditionally gas is cheapest in the winter and we could see some volatility as we get closer to the holiday driving season.