TOPEKA (KSNT) — Pump prices are soaring, according to a recent report for the Topeka area, making it more difficult for local residents to find gasoline for less than $3 at the pump.
GasBuddy, a technology company that monitors fuel prices in real time, said gas prices in Topeka have increased by about $0.51 a gallon since December 2022. Gas prices have risen by about $0.17 per gallon in the past week. Capital gas prices now average about $3.08, according to a GasBuddy survey of 104 stations in Topeka.
GasBuddy reports that the cheapest station in Topeka was $2.99 while the most expensive was recorded at $3.11. The lowest price for gas in the state is $2.65, with the most expensive at $3.29.
“Gasoline prices continued their upward trajectory over the past week as oil prices pushed them higher across most of the country, and continued refinery challenges prevented gasoline supplies from increasing dramatically. more substantial,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
The national average price of gas increased by about $0.11 a gallon in the prior week to an average of $3.39 a gallon. That’s an increase of about $0.30 a gallon nationwide from prices a month ago.
“Macroeconomic factors continued to weigh on oil and refined products as strong demand in China was not slowed much by the rise in new Covid cases,” De Haan said. “Also, the releases of crude oil from the Strategic Petroleum Reserve have concluded. Fears are mounting that without more oil, supply will tighten in the coming weeks, especially as the nation begins to move away from weaker demand in the middle of winter. Going forward, it doesn’t look good for motorists, with prices likely to continue to accelerate.”
GasBuddy sources its data from 150,000 gas stations nationwide and is recognized as an authoritative voice for up-to-date gas prices.