Amid scorching temps, gas prices spike

Missouri gas prices shot up in the past week, soaring to $3.45 Saturday, July 29, up a full 17 cents in the period, according to AAA.

At this time in 2022, Show Me State fuel cost on average $3.90.

The average U.S. price is now $3.76.

An analysis by CNN Business posits several reasons for the jump in motor fuel: oil, record temperatures and refinery issues.

"The sudden spike is being driven in part by a jump in oil prices, which sit at three-month highs as OPEC cuts production. Saudi Arabia and Russia are intentionally holding back supply in a bid to lift prices -- and that strategy is starting to work," reports the cable network.

Additionally, a U.S. ExxonMobil refinery shut down because of unscheduled maintenance, and others have seen refinery output drop because of extreme heat.

"The timing is terrible for drivers because demand is high right now amid summer travel and refineries sit at their lowest level of production for July since 2015," GasBuddy reported.

County averages Saturday (AAA)

• Cape Girardeau: $3.32;
• Perry: $3.29;
• Scott: $3.37.

City price ranges Saturday (GasBuddy)

• Cape Girardeau: $3.18 to $3.49;
• Jackson: $3.22 to $3.39;
• Perryville: $3.19 to $3.39;
• Scott City: $3.29 to $3.39.

Diesel prices are also impacted in price with Missouri diesel averaging $3.68 Saturday, up 16 cents in a week. A year ago, the heavier-weight fuel cost $4.92.

Do you want more business news? Check out B Magazine, and the B Magazine email newsletter. Go to www.semissourian.com/newsletters to find out more.