Average statewide price 21 percent higher than one year ago
TOPEKA – The average gasoline price in Kansas rose seven cents per gallon this week to $2.40, according to AAA Kansas. Among other factors, the recent price increases at the pump are being driven, both locally and nationally, by more motorists out on the roads, enjoying favorable fall weather.
“October has seen strong demand numbers across the country and here in Kansas, likely, in part, due to consumers taking advantage of the relatively nice and warm weather rather than spending time indoors,” said Shawn Steward AAA Kansas spokesman. “As consumers fill up their tanks more frequently, we are seeing supply levels tighten and gas prices increase. However, we don’t expect this increase to be long-term.”
Of the 10 Kansas cities regularly highlighted by AAA Kansas (see chart), seven have higher gas prices this week, two (Hays and Manhattan) are slightly lower, and Pittsburg remained the same. Lawrence (+18 cents), Kansas City, Kan. (+10), Garden City (+8) and Wichita (+8) experienced the largest price increases, while Hays saw average pump prices fall four cents per gallon.
According to AAA Kansas, this week’s Kansas gas price extremes are:
HIGH: Howard (Elk County) – $2.70
LOW: Waverly (Coffey County) – $2.21
AAA Kansas reports that Kansas has the 14th lowest state gas price average in the United States this week. However, that price is 21 percent higher than one year ago, when the statewide average was $1.99.
National Perspective
According to the Energy Information Administration (EIA), the latest gasoline demand measurement is the highest for the end of October since 2006. At $2.53, today’s national average gas price is six cents more than a week ago, two cents more than a month ago and 31 cents more than a year ago.
The national gas price average during the second half of October was relatively stable, fluctuating a penny or two until October 31. Since then, the national price has seen upward movement, primarily resulting from increased demand.
Great Lakes and Central States Report
Compared to a year ago, more than a dozen Great Lakes and Central states are paying at least 25 cents more a gallon to fill up their tanks. Topping the year-over-year increases list: Indiana (+60 cents), Illinois (+59 cents), Michigan (+54 cents), Ohio (+52 cents), Wisconsin (+51 cents), Minnesota (+44 cents), Missouri (+43 cents) and Kansas (+40 cents).
On the week and similar to last week, the region continues to see gas prices increase more than any other region in the country. This week, Illinois ($2.78), Indiana ($2.72), Michigan ($2.71) and Ohio ($2.64), all land on the top 15 states with the most expensive gas in the country.
The price volatility is attributed to the continued regional trend of gasoline inventory declines. With 45.5 million bbl, the region has seen levels drop for six straight weeks.