Prices Trend Down As Gas Production Keeps Pace With Record Demand

Kansas gas price average has dropped two cents on the week and 45 cents from this time last year or 17%. The National average is down 17% as well from a year ago.

This year’s summer driving season is likely to set new records for both gasoline demand and vehicle miles traveled, and the latest data from the U.S. EIA shows that gasoline demand is currently at an all-time high. Strong demand can put additional pressure on refineries, and their ability to sustain output and keep gasoline flowing to markets directly impacts the price consumers pay at the pump.

However, refineries are reportedly increasing output and gasoline supply has more than kept pace with growing demand. In fact, the refinery utilization rates reached its highest level since April and gasoline inventories posted an increase in the face of these record numbers. Gas prices have fallen for 16 consecutive days, and if the market can remain adequately supplied drivers are likely to continue paying prices unseen for the summer months in more than a decade.

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Now in his third year as News Director at KD-Country 94 and Z-96.3 The Lake, Chad is a jack of not all, but many trades. He spent previous years of his working life in hotel management, event planning, security, the aviation industry, staff writing for a newspaper, and as a small business owner. He began doing play-by-play of high school sports for KDNS and KZDY in 2009 and came to work full time for the stations in July of 2015. He is the father of an eight year old daughter who enjoys spending his free time with her, his very significant other and her children. His favorite activities include attending live music and sporting events as well as being a singer/songwriter. A natural conversationalist, he also enjoys a good discussion/debate on a myriad of topics from current events and politics to sports and philosophy. He resides in Beloit with his daughter and continues to write sports and meeting stories for the local newspaper.