KC-area gasoline prices fall nearly 20 cents in last week: GasBuddy

GasBuddy reported Monday morning the cost for a gallon of gasoline fell 19.4 cents in the last week, averaging $3.51 per gallon in KC.
Published: Aug. 8, 2022 at 7:07 AM CDT
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KANSAS CITY, Mo. (KCTV) - The price for a gallon of gasoline continued its decline.

GasBuddy reported Monday morning the cost for a gallon of gasoline fell 19.4 cents in the last week, averaging $3.51 per gallon.

Although we’ve seen a recent decline in prices at the pump, the per gallon cost of gasoline is nearly 77 cents higher than a year ago.

According to GasBuddy, the cheapest station in Kansas City was priced at $3.27 per gallon yesterday.

GasBuddy released the average price of gas in the Kansas City area over the last decade:

  • August 8, 2021: $2.84/g (U.S. Average: $3.18/g)
  • August 8, 2020: $1.91/g (U.S. Average: $2.17/g)
  • August 8, 2019: $2.41/g (U.S. Average: $2.66/g)
  • August 8, 2018: $2.71/g (U.S. Average: $2.87/g)
  • August 8, 2017: $2.28/g (U.S. Average: $2.36/g)
  • August 8, 2016: $2.03/g (U.S. Average: $2.12/g)
  • August 8, 2015: $2.51/g (U.S. Average: $2.60/g)
  • August 8, 2014: $3.21/g (U.S. Average: $3.47/g)
  • August 8, 2013: $3.46/g (U.S. Average: $3.58/g)
  • August 8, 2012: $3.51/g (U.S. Average: $3.65/g)

The national average price for gasoline has fallen to $4.01 for a gallon.

GasBuddy believes the national average is poised to fall back under $4 per gallon: “The national average is poised to fall back under $4 per gallon as early as today as we see the decline in gas prices enter its eighth straight week. By the end of the week, one hundred thousand stations will be at $3.99 or less.”

So, what’s bringing on this drop in gas prices? We brought that question to GasBuddy’s head of petroleum analysis.

“Most of it is due to the overall concerns about the economy. The federal reserve continues to create interest rates at a fairly brisk pace and, in doing so, may be causing an economic slowdown or recession that would likely stifle oil consumption,” said Patrick De Haan.

He also said we’ve seen modest improvements in supply over the last few weeks and that demand is starting to go down, which is likely feeding into this eight week long decline.

Regardless of the reason, people at the pump are just grateful for this relief.

“It’s certainly not where we want them, but it is better! We’ll take anything we can get,” said Gary Krings.