Missouri gas prices remain relatively low, amid analysts' warnings

Missouri is one of 11 states boasting a statewide average gasoline price of less than $3 per gallon, according to the American Automobile Association.

The Show Me State, at $2.92, joins Alabama, Arkansas, Kansas, Kentucky, Mississippi, Oklahoma, South Carolina, Tennessee, Texas and Wisconsin.

Two U.S. states top $4 per gallon — Hawaii at $4.33 and California at $4.56.

The average price nationally for a gallon of unleaded regular is $3.28, down 2 cents from a week ago and 9 cents lower than a month ago.

Americans are paying a dollar more per gallon than a year ago, however, as the December 2020 price was $2.25 per gallon, according to AAA.

Missouri

The least expensive petrol in the state, $2.49 per gallon, is currently found in Springfield, according to www.gasbuddy.com.

A spot check of gas stations in Cape Girardeau County found pump prices Tuesday ranging from $2.89 to $2.99 per gallon.

Mixed outlook

GasBuddy, a Boston-based tech company offering consumers real-time fuel prices at more than 140,000 gas stations, said Tuesday prices nationally will peak at $3.79 in May.

“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon, said Patrick De Haan, GasBuddy’s head of petroleum analysis.

De Haan cited as rationale production cuts made at the beginning of the pandemic in the spring of 2020, which he said remain below pre-COVID levels.

Additionally, one of America’s largest refineries, ExxonMobil in Baytown, Texas, witnessed an explosion that injured four workers and shut down production.

De Haan said refinery capacity fell to a six-year low in 2021 and multiple refineries out of service have contributed to GasBuddy’s gloomy price outlook.

By contrast, the U.S. Energy Information Administration said three weeks ago the national average for gas likely will drop to $3.01 in January and could fall as low as $2.88 in 2022.

Citigroup’s analysts concur, predicting a “radical drop” in energy prices.

De Haan conceded the uncertainty of the impact of the omicron variant makes any prediction a guess.

“Anything could change. Tomorrow prices could plummet,” he said.

In November, the White House announced the largest-ever release of barrels from the Strategic Petroleum Reserve in an attempt to push prices down.