Native Information: Climbing crude oil costs prop up gasoline costs in Missouri (6/10/21)

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Gas prices continue to rise in the United States, with fluctuations likely to last all summer.

The state-wide gas price in Missouri is $ 2.76 for a gallon of regular unleaded fuel, according to the AAA Missouri Weekend Gas Watch. That price is three cents more than that day last week and 95 cents more per gallon compared to that day last year.

Of the major metropolitan areas surveyed in Missouri, drivers in Columbia pay the most, averaging $ 2.83, while drivers in St. Joseph pay the least, at $ 2.68 per gallon. The national average price for a gallon of regular unleaded lead is $ 3.07, three cents more than that day last week and $ 1.00 more than the price per gallon at the same time last year, so the AAA gas prices.

Locally, the Cape Girardeau area averaged $ 2.70 a gallon on Thursday, two cents more than a week ago and 84 cents more than a year ago at that time.

The volatility in pump prices is likely to continue this summer. In addition to tracking gasoline supply and demand data, AAA tracks two other factors: crude oil prices and global supply. Crude oil prices rose, with West Texas Intermediate hitting $ 70 a barrel, its highest level since October 2018.

Since crude oil accounts for more than 50% of the price at the pump, the price that motorists pay for fuel also increases. What is encouraging for motorists who want lower fuel costs is that crude oil may not be able to hold that level. The Organization of Petroleum Exporting Countries (OPEC +) and its allies, including Russia, announced last week that they continue to plan to gradually increase crude oil production in July. If they increase production, it could lead to a drop in crude oil prices.

?? Gas prices are expected to fluctuate over the next few weeks ?? said AAA spokesman Nick Chabarria. “Higher crude oil prices are likely to drive fuel prices higher in the next few days.”

Drivers in Missouri continue to pay some of the cheapest gasoline prices in the US, ranking 5th in the country according to gasprices.aaa.com.

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