NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — Gas prices are moderating somewhat, according to Shawn Steward with AAA Kansas, as the statewide average as of Saturday was $4.11. Reno County is within a penny of the state average, depending on where you go.
"That's down significantly recently, as you've probably noticed," Steward said. "Crude oil futures market prices have been dropping over the last four to five weeks, from a high approaching $130 a barrel back in mid-June. That's when we saw correspondingly record gas prices here and nationally."
More than half of what people pay at the pump comes from crude oil cost, so that continues to be the primary driver.
"The main factors going on globally are concerns with economic recession and interest rate hikes and those things putting a damper on gasoline demand," Steward said.
The fancy word for that reticence to buy is demand erosion.
Fewer people are taking trips or more people are adapting their trips," Steward said. "Demand domestically for gasoline has been fairly low, with the exception of an uptick for the July 4 holiday week. Overall demand in the U.S. has been down about 10% compared to 2019, before the COVID pandemic began."
McPherson, Harvey and Sedgwick counties are all around $3.98 a gallon.