Gas prices rise dramatically in U.S., in-state and locally in a week

Motorists know all too well how much more expensive it is to fill the gas tank compared to a week ago.

The average U.S. price for a gallon of unleaded gasoline according to American Automobile Association on Tuesday was $4.37 per gallon -- compared to $4.20 a week ago and $4.11 one month ago.

Missouri's average price Tuesday was $3.93 per gallon, the lowest in all 50 states.

Locally

• in the 63701 and 63703 Cape Girardeau ZIP codes, service stations were surveyed Tuesday by www.GasBuddy.com. The lowest price was $3.84; the highest was $4.09.
• in the 63755 Jackson ZIP code, the price range was $3.92 to $3.99.
• in the 63780 Scott City ZIP code, gas sold Tuesday for $3.99 or $4.09.
• in the 63775 Perryville ZIP code, the range was $3.79 to $4.09.

Because of publication schedule and sometimes hour-by-hour cost fluctuations, the Southeast Missourian does not identify specific service stations with pump prices.

Analysis

According to GasBuddy petroleum expert Patrick De Haan, gas prices are linked irrevocably to the cost of crude oil, with every $10 increase in barrel prices adding nearly a quarter to the pump price.

Even though the U.S. does not import much crude from Russia, President Joe Biden's oil import ban from that nation is a "ripple" impacting prices worldwide, De Haan added.

Crude oil had been near $100 per barrel last week. This week, it is approaching $100, industry analysts report.

"With the cost of oil accounting for more than half the pump price, more expensive oil means more expensive gasoline," AAA's Andrew Gross said in a statement.

The U.S. Energy Information Administration predicts Brent crude oil, the international benchmark, will stay above $100 for the remainder of 2022.

Demand for gas dropped precipitously during the pandemic, causing producers to pump the brakes on production, another cause of the price spike, said Troy Vincent of energy analysis firm DTN.

Andy Lipow, oil industry consultant based in oil-rich Houston, predicted the average U.S. unleaded gas price will break $4.50 later this month -- given an anticipated 18 to 20 cent hike over the next two weeks.