WICHITA, Kansas — Gas prices have spiked again going up more than ten cents over the last day, and experts say it’s going to happen again.
Prices on the futures market and wholesale gas price have spiked violently in the Midwestern markets, according to Tom Kloza with Oil Express News.
Prices in Wichita are now hovering around $3.65 a gallon, and it could go up another 20 cents over the next week or so
Experts say some of the price hike is speculators looking for money in the markets. Some of it also comes down to a switch to summer gas blends.
“The switch over the summer gasoline,” says Oil and Gas analyst Patrick DeHaan, “Compounded by a lot of refinery maintenance that has taken place this spring. More so than usual. A lot of this is a regional issue.”
Refineries have changed over to summer gasoline blends, and typically they pass that cost on to the consumers.
Also supply is tighter than many experts had predicted, and that in turn, drives the speculation market.
Whatever the driver for the big gas spike, drivers in their cars are feeling the pain.
“I fuel up everyday because I am on the road all day long,” said Ken Mueller.
Gas prices for the midwest have seen frenzied buying today also because of a refining hub for Kansas and Oklahoma that is shifting some production work.