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Gas Prices Down, Experts Don’t Anticipate It Lasting

Brett Blume
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UPI/Bill Greenblatt

UPI/Bill Greenblatt

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ST. LOUIS (KMOX) –  Pump prices have dropped nearly two dimes per gallon over the last week in the St. Louis area.

“We’ve seen a precipitous drop in gasoline prices throughout the country and particularly in St. Louis,” according to Mike Right with AAA of Missouri.  “The overall average is now about $3.40 but there’s a significant range of prices.”

In some places fuel is going for as little at $3.16, he says.

What’s behind the drop at the pump?

“This has to do with the overall economic condition and the significant drop we’ve seen in crude oil prices,” Right tells KMOX News.  “Also, wholesale gasoline prices are down about 38 cents a gallon.”

But Right advises drivers not to wait too long getting down to the nearest station for a fill-up.

“It won’t last long as (oil companies) adjust their prices to be more competitive and not lose market shares,” he says.

According to the website www.gasbuddy.com, local gas prices were closer to $2.70 a gallon this time a year ago.

 

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