NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — Shawn Steward with AAA Kansas notes that gas prices are much lower this week than they were last week.
"Gas prices are trending in the right direction, if you're a motorist and have to fill up your tank regularly," Steward said. "They're looking more what's typically seasonal this time of year. Here in Kansas, we're at $3.54 a gallon on average. That's down eight cents in the past week. The national average has also fallen nine cents, down to $3.74."
Area counties have a drop, as well.
Reno: $3.52
McPherson: $3.42
Harvey: $3.49
Sedgwick: $3.53
Kingman: $3.55
Pratt: $3.60
Stafford: $3.55
Rice: $3.57
"Gas demand fell more than half a million barrels last week," Steward said. "Domestic demand is down. Domestic gasoline stocks, or supply, has increased substantially, by 6.5 million barrels, up to 227 million barrels on hand. Those two trends, supply and demand, are in the right direction."
The underlying cost of crude is also helping in this regard.
"We've shaved about $10 a barrel of late, to around $82 per barrel on the global crude oil market," Steward said. "All of those factors are trending in the right direction in terms of lowering gas prices."
The price of the underlying crude oil makes up slightly more than half of the price of a gallon of gasoline.
CLICK HERE to download the Hutch Post mobile app.
CLICK HERE to sign up for the daily Hutch Post email news update.