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Thursday, June 4, 2020

Kansas Has 5th Cheapest Gas in America; Tied For Largest Monthly Drop

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Derek Nester was born and raised in Blue Rapids, and graduated from Valley Heights High School in May of 2000. He attended Cowley College in Arkansas City and Johnson County Community College in Overland Park studying Journalism & Media Communications. After stops at KFRM and KCLY radio in Clay Center, he joined KNDY in 2002 as a board operator and play by play announcer. Derek is now responsible for the digital content of Dierking Communications, Inc. six radio stations. In 2005 Derek joined the staff of KCFX radio in Kansas City as a production coordinator for the Kansas City Chiefs Radio Network, which airs on over 94 radio stations across 12 Midwest states and growing. In 2018 he became the Studio Coordinator at the Cumulus Kansas City broadcast center for Kansas City Chiefs Football.

TOPEKA, Kan. – Dec. 10, 2018 – Kansas motorists continue to get good news when they fill up their gas tanks. At $2.09/gallon, the Sunflower State’s average per-gallon gas price is now fifth cheapest in the nation. Kansas’ gas price has fallen 40 cents in the past 30 days, tied with Iowa and Nebraska for the largest monthly decline in America.

“Kansans continue to see lower prices at the gas pumps,” said AAA Kansas spokesman Shawn Steward. “It certainly helps to have more money in your wallet for holiday shopping this time of year. Our gas prices across the state have been falling for about the past two months, and we are now down 8 percent from the $2.28 average from one year ago.”

Steward noted that three Kansas metro areas are among the Top 50 cheapest gas prices in America this week. Wichita, at $1.94/gallon, checked in with the third lowest gas prices among larger metro areas. Lawrence ($1.98) registered the 14th lowest price in the nation. Kansas City, Kan. ($2.04) is 41st lowest.

Of the 10 Kansas cities regularly highlighted by AAA Kansas (see chart below), all except Salina – which remained the same – experienced price declines in the past week. The largest price drops were seen in Kansas City, Kan. (-10 cents), Manhattan (-10), Topeka (-8) and Wichita (-8).

According to AAA Kansas, this week’s Kansas gas price extremes are:
HIGH: Elkhart (Morton County) – $2.67
LOW: Haysville (Sedgwick County) – $1.89

National Perspective
Today’s national gas price average of $2.42 is the lowest pump price of the year, a price point not seen since mid-December last year. The average sits at four cents cheaper than last week, 28-cents cheaper than last month and four cents less than last year. The last time the national average was cheaper on the week, month and year was during July 2017.

“Motorists are noticing a big difference as they fill-up at the gas pump this month,” said AAA Kansas’ Steward. “Month-over-month, gas price averages have dropped double digits for every state. For some in the Great Lakes and Central states (Iowa, Kansas, Nebraska and Missouri) state gas prices are as much as 40-cents less than they were in November. In some states, gas prices are nearing $2 per gallon – something that hasn’t been seen since December 2017.”

How low can gas prices go? AAA expects the national gas price average to drop as low as $2.40 by the end of the year due to cheaper crude oil prices. However, pump prices this cheap may not last into 2019. On Friday, the Organization of the Petroleum Exporting Countries (OPEC) announced that the cartel and non-OPEC members, including Russia, will reduce production by 1.2 million b/d for the first six months of the year. While the decision will help to reduce the high level of global crude supply, the move has the potential to increase oil and gas prices. Crude was up to $52.61 at the market close on Friday, while the week prior, crude was as cheap as $50/bbl.

Quick Stats

The nation’s top 10 largest monthly decreases are: Iowa (-40 cents), Kansas (-40 cents), Nebraska (-40 cents), Missouri (-38 cents), Arkansas (-37 cents), South Dakota (-36 cents), Georgia (-36 cents), Wisconsin (-36 cents), Mississippi (-36 cents) and Alabama (-36 cents).

The nation’s top 10 least expensive markets are: Missouri ($2.00), Oklahoma ($2.06), South Carolina ($2.06), Texas ($2.08), Kansas ($2.09), Alabama ($2.09), Arkansas ($2.09), Mississippi ($2.10), Louisiana ($2.10) and Iowa ($2.15).

Today’s national gas price extremes:
High: Hawaii – $3.57
Low: Missouri – $2.00

Gas Price Trends in Select Kansas Cities
Sources: http://aaa.opisnet.com/index.aspx and http://gasprices.aaa.com/

Today
Last Week
Last Month
Last
Year
Change Over Last Year
National
$2.42
$2.46
$2.70
$2.46
-2%
Kansas
$2.09
$2.16
$2.49
$2.28
-8%
Emporia
$2.13
$2.15
$2.51
$2.24
-5%
Garden City
$2.29
$2.36
$2.56
$2.30
0%
Hays
$2.16
$2.22
$2.57
$2.29
-6%
KCK
$2.04
$2.14
$2.47
$2.25
-9%
Lawrence
$1.98
$2.01
$2.46
$2.32
-15%
Manhattan
$2.31
$2.41
$2.62
$2.41
-4%
Pittsburg
$2.14
$2.16
$2.51
$2.26
-5%
Salina
$2.07
$2.07
$2.43
$2.21
-6%
Topeka
$2.11
$2.19
$2.54
$2.32
-9%
Wichita
$1.94
$2.01
$2.36
$2.22
-13%
Bordering states and rank in lowest gas prices around the country
State
Current Avg.
Rank Today
Oklahoma
$2.06
2
Missouri
$2.00
1
Kansas
$2.09
5
Colorado
$2.49
32
Nebraska
$2.22
16
Great Lakes and Central States Trends
While most of the country is seeing decreases, gas prices have jumped noticeably on the week for motorists in Michigan (+7 cents), Indiana (+7 cents), Ohio (+6 cents) and Kentucky (+3 cents). The increase is unexpected as demand is declining and supply increased in the region on the week. Conversely, gas prices are as much as eight cents cheaper for all other states in the Great Lakes and Central region with four states landing on the top 10 with the largest weekly changes: North Dakota (-8 cents), Wisconsin (-7 cents), Minnesota (-7 cents) and Kansas (-7 cents). Overall, the Great Lakes and Central region often experiences periods of volatility.State gas price averages in the region range from $2.40 in South Dakota to $2.00 in Missouri. In fact, motorists in Missouri can find gas for $2/gal or less at 70 percent of gas stations in the state.

Gasoline stocks in the Great Lakes and Central region built by a surprising 2.6 million bbl on the week, according to Energy Information Administration (EIA). With refinery utilization dropping by one percent, the increase in stocks is likely attributed to a drop in demand as expected this time of year. Total stocks sit at 49.4 million bbl.

Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.12 to settle at $52.61. Oil prices rallied at the end of last week after OPEC announced that beginning in January 2019, the cartel – alongside non-OPEC members, including Russia – will reduce combined crude oil production by 1.2 million b/d. The cut will be in place for six months and will use October 2018 as a baseline, a time when OPEC and Russia had less crude output than in November. With the announcement, crude prices will likely increase in 2019 ahead of the higher demand driving season next summer. Increased crude prices will likely lead to higher gas prices, given that approximately 50 percent of the cost motorists pay at the pump is based on the cost of crude used to make gasoline.

In related news, EIA’s report for the week ending on November 30 revealed that crude inventories decreased by 7.3 million bbl after 10 weeks of consecutive growth. Total domestic crude inventories now sit at 443.2 million bbl, which is approximately 5 million bbl less than their level at this time last year. Declining inventories contributed to the increase in crude prices this week, and if the trend continues, prices could climb further.

AAA Mobile App
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.

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