Topeka gas prices lower after Iran tensions ease, analyst says

TOPEKA, Kan. (KSNT) – Gas prices in Topeka are down 1.3 cents per gallon this week after U.S. tensions with Iran eased.

Gasbuddy reported possible local gas price increases Jan. 6 after a U.S. airstrike killed Iranian General Qassem Soleimani. Iran retaliated with missile strikes on Iraqi bases housing U.S. troops.

Since then, Iran and the United States have decreased aggression, causing oil prices to plummet, according to GasBuddy analyst Patrick DeHaan.

“For now, the reduced tensions may lead gas prices to again begin falling in most states over the next few weeks before seasonal factors then again push prices back up,” DeHaan said.

Kansans should enjoy the low prices while they last, as the Gasbuddy analyst predicts falling prices might last about four more weeks at most.

“We could see falling prices as demand for gasoline weakens, but by mid-February, that trend may wrap up,” DeHaan said. “I don’t expect to see prices fall more than 10-20 cents by then, but some clearance sales may happen in early February as refiners begin seeing challenges getting rid of the gasoline they’re forced to produce.”

The trend of prices decreasing is dependent on international relations though, as DeHaan said the bottom line is to, “enjoy the falling prices while they last and cross your fingers that tensions continue to cool between the U.S. and Iran.”

To check gas price trends in your area, use the local price finder tool on Gasbuddy’s website.