Oct 28, 2022

Steward: Demand causing lower gas prices for now

Posted Oct 28, 2022 3:29 PM


NICK GOSNELL
Hutch Post

HUTCHINSON, Kan. — The up and down of gas prices continues, but for now, it's on the downslope. 

"Volatile is the perfect word to describe all of this year," said Shawn Steward with AAA Kansas. "We've seen so many fluctuations in oil prices on the global market and then, obviously, that translates to prices we see at the pumps. Right now, we're again seeing some good news at the pumps. Gas demand has been running about 400,000 barrels lower than this same time last year."

Area counties vary widely:

Reno  $3.26

Harvey  $3.27

McPherson  $3.24

Sedgwick  $3.30

Kingman  $3.48

Pratt  $3.53

Stafford  $3.53

Rice  $3.45

"Oil prices have varied greatly this year, but of late, have been pushed lower by ongoing market concerns regarding economic recession," Steward said. "We also throw in the Biden administration's plan to continue tapping the Strategic Petroleum reserve into December. That's also helped temper oil prices somewhat. This will help take the pressure off of pump prices, benefiting drivers and their wallets for the foreseeable future."

It's also the time of year for the less expensive to produce winter blend gasoline to be in all the pumps across the country, so that should continue to put downward pressure on prices in the short term.

"This time of year is typically a lower demand period for driving in general, especially as we head more into winter months and winter weather," Steward said. "People just don't drive as much as they do during the spring and summer."

Kansas currently has the 13th lowest average gas price in the nation.

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