Analyst: Rising gas prices may soon stabilize

The gas price hikes of the past two months are slowing and likely will soon stabilize, according an analyst with GasBuddy.com.

Average retail gasoline prices in the Wichita area rose 4 cents per gallon in the past week, averaging $2.25 per gallon on Monday, according to the website.

Monday’s price is 16 cents per gallon higher than a month ago and 23 cents more than a year ago.

Patrick DeHaan, senior petroleum analyst for GasBuddy, said in a statement that spring generally sees rising prices as refineries shut down to switch over to a summer blend of gasoline. This year’s changeover is about over.

“Overall, I would be surprised if we see the national average rise substantially more since the deadline for refiners to switch over to summer gasoline is nearly here,” he wrote. “In addition, U.S. oil production numbers are up, keeping pressure on oil prices, while gasoline inventories remain very healthy.”

For a roundup of gas prices in the Wichita area and other parts of Kansas, go to www.kansas.com/news/gas-prices/

This story was originally published April 24, 2017 at 9:22 AM with the headline "Analyst: Rising gas prices may soon stabilize."