For the fifth week in a row gasoline prices have dropped and Dodge City’s prices are some of the lowest in Kansas.
"Now that we are clear of and recovered from the storm-related impact of oil production operations, we’re really seeing our normal autumn seasonal decline in gas prices across Kansas and the country," said AAA Kansas spokesperson Jennifer Haugh. "Once summer vacation season is over, gasoline demand and price typically decreases. That, coupled with the less expensive winter-blend gasolines being introduced into the market, and motorists are seeing very favorable prices at the pump."
Most gasoline prices in Dodge City were $2.17 a gallon. The lowest prices in the state, according to AAA Kansas, was $2.11 in Burrton and Haven. Dodge City is listed as cheaper than Wichita, Topeka, Salina, Kansas City, Manhattan and Hays. AAA Kansas research Manhattan and Hays each had increases in gas prices for the week.
"Across the country, gas prices have fallen steadily for the past 4 weeks and now we are seeing gasoline demand drop alongside prices," said Haugh. "The latest demand figures show the lowest since the week Hurricane Harvey hit and can likely be the beginning of a downward demand trend indicating even cheaper gas prices to come this fall."
GasBuddy.com’s senior petroleum analyst Patrick DeHaan agreed.
"Gas prices have entered their 4th straight week of declining nationally, a trend unlikely to be interrupted by Hurricane Nate over this past weekend," DeHaan said. "Gasoline supply has continued to improve and as temperatures begin to feel more fall like, demand for fuel will continue to decline. Hurricane Nate, a fast-moving storm, did little to disrupt the flow of fuel to market while having a larger impact on oil rigs.
"However, the nation continues to be awash in crude oil, so the storm mattered little to oil prices. Look for relief to continue in most of the country while Great Lakes states may see a move higher in the next few days due only to the repetitive price cycling behavior. Nationally, prices still stand about 15 cents per gallon higher than their pre-Harvey level, but the gap will continue to slow as prices slowly trickle down."
Meanwhile, oil prices went up in Tuesday’s trading.
According to a CNBC report, Oil surged nearly 3 percent on Tuesday, supported by Saudi Arabian export cuts and signs that the market is rebalancing after years of oversupply.
Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact. In the United States, some production remains offline following Hurricane Nate, lending additional support.
"Prices have been boosted by news that Saudi Arabia is planning to reduce its oil shipments to customers in November," said Carsten Fritsch, an analyst at Commerzbank in Frankfurt.
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