MISSOURI, USA — The AAA Missouri Weekend Gas Watch reported Thursday afternoon that local drivers are seeing another weekly gas price increase amid continued oil volatility.
The statewide gas price average in Missouri is $3.48 for a gallon of regular unleaded fuel, according to their report.
“That price is four cents more compared to this day last year,” according to the report.
Drivers in Missouri are paying the 11th lowest gas price average in the country, according to gasprices.aaa.com.
AAA said of the major metropolitan areas surveyed in Missouri, drivers in Jefferson City are paying the most on average at $3.68.
Drivers in St. Louis are paying the least at $3.33 per gallon.
This means the Missouri statewide weekly gas price average increased for the second week in a row.
Gas prices have increased as the energy markets weigh the OPEC+ announcement for plans to cut crude oil production by 2 million barrels per day.
Major oil-producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy.
This cut has resulted in higher prices for crude, diesel fuel, gasoline and heating oil.
In addition, the OPEC+ alliance plans to cut 2 million barrels a day starting in November as the Western allies are trying to cap the oil money flowing into Moscow’s war chest after it invaded Ukraine.
Also, one big reason for the slide is fears that large parts of the global economy are slipping into a recession as high energy prices — for oil, natural gas and electricity — drive inflation and stretch consumer pockets.
The AAA also said the trend of higher prices may slow as the latest data on inflation could continue to instill fears of an economic slowdown.
“Market forces continue to oppose each other with each headline resulting in fluctuating crude oil prices,” Nick Chabarria, a AAA spokesperson, said. “Industry traders are closely watching how impactful OPEC+ cuts will be to oil supplies as well as continued concerns over a market slowdown, which could lessen demand for fuel products.”
The Associated Press contributed to this report.
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