Gas Prices Trending Lower As Memorial Day Approaches

Brett Blume

ST. LOUIS (KMOX) –  Finally!  Some good news for drivers as local fuel prices continue to drop.

According to the price-tracking website, the average for regular unleaded now stands at $3.66 a gallon, down another three cents per gallon from Sunday.

Can we expect prices to stay this low for awhile, at least?

“As long as wholesale gasoline is below $3 a gallon, we should see prices continue to moderate actually,” Mike Right, VP of Public Affairs with AAA of Missouri, tells KMOX News.

He says local gas prices set a record high of $3.99 a gallon earlier this month, partly because of problems caused by flooding along the Mississippi River and its tributaries.

What else has been driving pump prices down since that high-water mark earlier this month?

“We’re seeing a moderation in both crude-oil costs,” Right explains.  “At one time it was as high as $113 a barrel.  It’s now below $100 a barrel.”

And finally, KMOX News wondered, how long can we expect prices to remain this low with the unofficial start of the summer travel season now just one week away?

“Let me get out my crystal ball,” a laughing Right answers.

He does say that AAA is predicting 31 million Americans will hit the road over the Memorial Day weekend, a slight increase over last year.

Copyright KMOX Radio

  • verysoreloser

    Hey gas price uncertainty is no laughing matter to people who can’t afford to drive to a job interview!!!

    Tillerson/Exxon stated before Congress that oil could be at 60-70$/barrel and Prince Alwaleed/Saudi Arabia valued it at 70-80$/barrel. And yet oil has been around 100-115$/barrel, or a 40-55$/premium in the futures market? The reason was stated by both Chilton/CFTC and Schork/CNBC that oil speculators have been entering the oil commodities exchanges at a ‘blistering pace’. That was the cause of the runup. Hedgers, who actually take delivery of the oil need the commodities exchanges to help them set a future price on oil, however these markets have been overrun by gamers who are in it to make a dollar. They trade like stock market traders, based on sentiment, momentum, charts, dreams, etc, not on actual physical supply/demand issues. It has lead to more uncertainty, rather than less uncertainty.

    Until this issue is resolved and investor riffraff is controlled in the commodity exchanges, no jobs, housing, or general economic recovery.

  • Step by Step Guide: Improving Transit in St. Louis

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