National gas prices up, local prices dip

Fuel prices are rising across the nation, but experts say it's not simply because of the holiday season.

GasBuddy's chief petroleum analyst Patrick De Haan said the increase was partly because of Houthi militants in Yemen attacking cargo ships in the Red Sea.

"The Houthi attacks, and the risk now being elevated of attacks on oil shipments, have caused the price of oil to jump back up about $6 a barrel. We're back at about $75 a barrel," he said late last week.

He also cited Federal Reserve Chair Jerome Powell's comments about the Fed potentially cutting interest rates next year as being another reason prices have jumped up.

"The reason why is that obviously cutting interest rates would make debt servicing more affordable and that could drive economic growth. In turn that could also cause growth in oil, gasoline and diesel consumption," De Haan said.

Fuel prices will likely decrease in mid-January through mid-February, he added.

"That's when gasoline demand usually is at its lowest, and with the amount of gasoline we're seeing refineries produce, there is a possibility of a glut of gasoline leading to discounted prices," he said.

Winter-grade gasoline would need to be sold before the summer and could be heavily discounted to get rid of the supply.

As it stands, the national average for a gallon of regular gasoline is currently $3.13, 5 cents more expensive than a week ago. Missouri's average is $2.69, 5 cents higher than last week.

However, on a regional level, gas prices have been going down over the last week. Cape Girardeau, Perry and Scott counties all saw decreases of between 1 and 4 cents on average. Municipal gas prices are, on the whole, decreasing as well.

County averages Tuesday (per AAA)

• Cape Girardeau: $2.77;
• Perry: $2.62;
• Scott: $2.91.

Price ranges Tuesday (per GasBuddy)

• Cape Girardeau: $2.59 to 2.99;
• Jackson: $2.57 to $2.59;
• Perryville: $2.54 to $2.69;
• Scott City: $2.77 to 2.79.

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