May 2017 – Gas prices in Kansas continue their recent decline, with an average per gallon price of $2.15, down 3 cents per gallon from a week ago. Kansas has the 10th lowest average gas prices in the nation. Wichita is the 45th lowest metro area in the nation, and Topeka has the 51st lowest average gas prices among U. S. metro areas. Last week, Kansas had 7 cities in the $2 or less average, but this week, five remain at the $2 or less level: Pratt at $1.98 and Coffeyville, Galena, Minneapolis and Newton registering $2 averages.
The high/low around the state: Hill City-$2.47/Pratt-$1.98.
Today’s national average is $2.34 per gallon. This price is a penny cheaper than one week ago, seven cents less than a month ago, but 12 cents more than a year ago. The latest Energy Information Association (EIA) report shows that gasoline demand increased by 252,000 barrels on the week. Despite the jump in demand, the continued oversupply of gasoline caused prices in most parts of the country to drop or remain steady with the exception of some states in the Great Lakes and Central regions, where prices increased by a penny or more.
In coming weeks, the onset of summer travel is likely to increase demand which might help dip into high gasoline stocks; however, it may not be enough demand to increase prices significantly.
|
Today |
Last Week |
Last Month |
Last Year |
Change Over Last Year |
|
| National |
$2.34 |
$2.35 |
$2.41 |
$2.22 |
5% |
| Kansas |
$2.15 |
$2.18 |
$2.23 |
$2.03 |
6% |
| Emporia |
$2.15 |
$2.19 |
$2.20 |
$2.01 |
7% |
| Garden City |
$2.18 |
$2.23 |
$2.21 |
$1.92 |
14% |
| Hays |
$2.22 |
$2.31 |
$2.25 |
$2.01 |
10% |
| KCK |
$2.18 |
$2.22 |
$2.23 |
$2.05 |
6% |
| Lawrence |
$2.18 |
$2.25 |
$2.26 |
$2.05 |
6% |
| Manhattan |
$2.15 |
$2.14 |
$2.25 |
$1.97 |
9% |
| Pittsburg |
$2.11 |
$2.15 |
$2.15 |
$1.97 |
7% |
| Salina |
$2.01 |
$2.07 |
$2.18 |
$1.91 |
5% |
| Topeka |
$2.15 |
$2.19 |
$2.19 |
$1.99 |
8% |
| Wichita |
$2.14 |
$2.16 |
$2.22 |
$2.08 |
3% |
Bordering states and rank in lowest gas prices around the country.
| State |
Current Avg. |
Rank Today |
Rank Last Week |
| Oklahoma |
$2.07 |
2 |
2 |
| Missouri |
$2.14 |
8 |
6 |
| Kansas |
$2.15 |
10 |
11 |
| Colorado |
$2.32 |
29 |
26 |
| Nebraska |
$2.28 |
20 |
21 |
Oil Market Dynamics
On Monday morning, U.S. petroleum futures were just below $50 per barrel. Prices rallied after officials from Russia and Saudi Arabia announced that they plan to extend production cuts into March 2018. This news comes after OPEC released its May report, which warns that the global oil market will not rebalance by the end of the year unless there is a collective effort from all oil producers to increase market stability.
OPEC is expected to draft a formalized production cut extension during its meeting in Vienna, Austria, on May 25. However, there is skepticism that any extended cuts will offset growing U.S. production. Last week, U.S. drillers added an additional nine oilrigs, bringing the total U.S rig count to 712 and marking 17 weeks of growth. The expected result of OPEC’s actions is far from certain. Until it is, drivers may continue to benefit at the pump – even during the typically more expensive summer driving season.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also be used to map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.