Feb 21, 2022

AAA: Crude oil market still driving gas prices, mostly upward

Posted Feb 21, 2022 8:30 AM

By NICK GOSNELL
Hutch Post

HUTCHINSON, Kan. — Gas prices are still well above $3 a gallon, with no real relief in sight.

"Kansas average today is $3.21 a gallon," said Shawn Steward with AAA Kansas. "That's up four cents from a week ago and up 22 cents in the last month. Reno County is even higher than the state average."

The Reno County average is $3.28 a gallon, with gas ranging from 3.09 in Arlington to 3.29 in Hutch.

"Anything over $3 gets your attention," Steward said. "We've continued to see those prices rise over the last month or two. Crude oil prices are the big concern right now. They make up 50 to 60% of the price we see at the pump. The big concern in everyone's minds in the oil market right now are the tensions between Ukraine and Russia."

Russia is a large oil producer and any economic sanctions or other supply changes that might come from a potential conflict would likely put further upward pressure on crude oil prices.

"More oil could enter the global market if the United States and Iran are able to complete a new nuclear agreement and sanctions are lifted," Steward said. "That's another potentially positive area that we can look at on the global horizon."

The national gas price average as of Monday is $3.53 a gallon.