To no one’s surprise, gas prices are bouncing up ahead of the 4th of July holiday.
“Kansas is still in a really good position with gas prices,” said Shawn Steward with AAA Kansas. “After weeks of steady decline, gas prices saw a bit of an increase both at the national level and here in Kansas.”
Kansas gas is up two cents for the week, but still down seventeen cents from a year ago and 11th cheapest in the country.
“The demand is very strong and has been all summer,” said Steward. “In the last week, we’ve seen some of the crude oil prices starting to head upward and we’ve seen the supply on the U.S. level reduce a bit.”
Those supply issues have real root causes, both here and abroad.
“The largest refinery on the east coast, located in Philadelphia, had an explosion and fire recently,” said Steward. “That refinery, for the time being, is shut down completely. That’s going to impact some costs, especially in the mid-Atlantic and east coast region. Then, we’ve also seen OPEC just this week have a meeting and decide to extend their production cuts until March of next year.”
If supplies continue to tighten, then prices may creep up as the summer goes along.