NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — President Joe Biden announced this week that the U.S. will be putting one million additional barrels on the market per day on average, every day, for the next six months from its Strategic Petroleum Reserve. It remains to be seen if that will help matters.
"The average is at $3.78 a gallon," said Shawn Steward with AAA Kansas. "That's down a couple cents from a week ago. We've seen a little bit of downward movement. Reno County is right at the state average of $3.78 a gallon."
Kansas is the second least expensive state for gas. However, not only Russia and Ukraine, but also a return to typical summer driving demand could continue to put more upward pressure on prices.
"The gas price change due to that release will likely happen gradually over time," Steward said. "It depends on how long that release occurs. It's not the only factor out there. There's so many different geopolitical factors going on right now."
The release is designed to serve as a bridge until the end of the year when the administration says domestic production will ramp up.
"In a typical year, as we get to summer vacation season and more people hit the road for vacation, demand is typically high throughout the summer," Steward said. "We're actually doing some research right now and should have some Memorial Day and summer travel forecasts to share soon."
The National Highway Traffic Safety Administration on Friday announced that it will boost fuel efficiency requirements by 8% for both the 2024 and 2025 model years and 10% in 2026.