Gas prices still falling

By Chris Swick
November 04, 2015

Unleaded gas prices continue to fall. Jim Hanni with AAA Kansas says the average price in the state is $2.14 per gallon.

“For several weeks, Topeka has had the lowest prices of any of the metro cities,” Hanni said. “Today, we're seeing Wichita take about a 2 cent per gallon lead over Topeka, but it's really very, very, very close.”

Topeka was reporting an average price per gallon at $2.04 on Monday. The state's average price is below the national average by 5 cents and the 22nd lowest in the country.

Gas in McPherson is almost uniformly $2.09 a gallon, with one station reporting $2.49.

Inman is reporting the lowest in the area at $2.03 per gallon. One Lindsborg station has the highest outside of McPherson at $2.19 a gallon, though another station is reporting $2.05.

The AAA report says that, despite higher closings last week for Brent and West Texas Intermediate crude oil prices, abundant supplies combined with reports of a slowing Chinese economy has put downward pressure on both benchmarks this week.

“Global oversupply remains front of mind for market analysts, and despite the lower-prices, Iranian oil is expected to return to market and apply additional downward pressure to global prices,” Hanni said.

Despite U.S. oil rig counts falling for the ninth consecutive week, domestic production recently increased. That means crude oil inventories remain elevated compared to recent years.

Recent WTI gains are being considered short term and not a change in market fundamentals, though AAA estimates a sluggish week may be on the horizon for the domestic benchmark.

(The Kansas Information Network contributed to this story.)