State, local gas prices still falling, uptick expected

As of Monday, Missouri is No. 2 in the nation in terms of lowest average price for a gallon of regular unleaded gasoline at $3.666. Kansas is lowest at $3.662, according to the American Automobile Association.

Highest U.S. gas prices remain out west, with California's average gas price registered at $5.708. Hawaii and Nevada are at $5.226 and $5.079, respectively.

Area prices

Locally, AAA reports Cape Girardeau County's Monday average of $3.744 is 4 cents cheaper than a week ago. One month ago, the cost of a gallon of regular unleaded in the county was $3.906. A year ago, it was $2.647.

GasBuddy.com reports the following in its Monday tabulation:

• Cape Girardeau (19 stations) showed prices of $3.64, $3.69, $3.74, $3.79 and $3.89.
• Jackson (10 stations): $3.60, $3.63, $3.69 and $3.79.
• Perryville (12 stations): $3.65, $3.69 and $3.79.
• Scott City (3 stations): $3.79.

Because of rapid price volatility and this newspaper's publication schedule, the Southeast Missourian does not name specific service stations and their prices.

Analysis

Patrick De Haan, head of petroleum analysis for GasBuddy, expects the most recent pattern of price declines to reverse, citing probable European Union sanctions on Russian energy plus the usual increase in driving anticipated this summer.

"This could further tilt the delicate balance of supply and demand in the wrong way, potentially sending oil prices up significantly if EU penalties are implemented," DeHaan said.

"The path forward at the pump remains murky, however, with many possible outcomes, so motorists should be prepared for a bumpy ride," he added.

The online environmental magazine Grist — noting President Joe Biden's decision last month to release 1 million barrels daily from the Strategic Petroleum Reserve and the White House move last week to authorize the sale of gas blended with 15% ethanol — said recent downward pressure on price is the result of increased supply.

Grist reports some members of Congress have suggested creating a federal gas tax holiday, while three states — Connecticut, Georgia and Maryland — have already suspended their gas taxes.

New York, New Jersey and West Virginia, the magazine reports, are considering a similar move.