With gas prices in Kansas at a seven year low, experts predict drivers will continue to save at the pump through the holiday season.
“Barring any things we can't see right now, we expect this trend to continue,” Jim Hanni, AAA Kansas spokesman, said. “It has happened three out of the last four years and to a much greater degree last year. We saw a pretty steep decline as we moved towards the end of the year.”
Kansas averaged $2.13 a gallon over the course of the last week. Topeka continued to have the lowest metro gas at $2.06 a gallon, up two cents from last week.
In McPherson, gas is hovering around $2.09 a gallon still. Inman reports the lowest in the county at id="mce_marker".99 a gallon, while Canton has the highest, also at $2.09 a gallon.
Markets are driving the issue, as watchers are paying close attention to economic data from China and movements of the U.S. dollar to get a feel for the overall direction.
“Both crude oil benchmarks, Brent and West Texas Intermediate, closed out this past week with three days of losses due to reports of a strengthening U.S. dollar,” Hanni said, “which further fueled expectations that the markets current oversupply will continue in the near term.”
OPEC's secretary also recently weighed in, stating that the cartel had successfully sustained its market share in light of a lower price environment. The secretary also said he believed the market will return to balance in the coming year.
OPEC will convene on Dec. 4 to discuss its strategy moving forward.