Gas Prices

Gas prices have risen, but oil surplus will slow future increases

Gas prices have risen more than 30 cents over the last month, but analysts say the surplus in stored oil will cap rising gas prices.
Gas prices have risen more than 30 cents over the last month, but analysts say the surplus in stored oil will cap rising gas prices. File photo

Gas prices in the Wichita rose another 6 cents a gallon over the last week, and are now up 34 cents from a month ago, according to Gasbuddy.com.

The company’s analysts say the prices increase comes from refineries switching to more costly summer-blended gasoline, and the increases will be held down by surplus oil supplies.

The average price for a gallon of regular gas Tuesday in Wichita was $1.76, compared to $1.42 last month. Prices are still down from a $2.38 average in Wichita a year ago.

“Although crude oil production fell to the lowest since November 2014, crude and petroleum stocks remain the highest ever recorded in U.S. history,” said Will Speer, GasBuddy senior petroleum analyst, in a statement. “This oversupply will provide a ceiling for gas prices over the next couple of months as spring refinery maintenance and the summer-blend gasoline transition put upward pressure on prices.”

Dan Voorhis: 316-268-6577, @danvoorhis

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