Rising oil prices could push Missouri gas prices higher

CAPE GIRARDEAU, Mo. (KBSI) — Rising tensions involving Iran are pushing global oil prices higher, raising new questions about how long gas prices will remain stable for Missouri drivers.

Oil markets reacted sharply following recent strikes connected to the conflict between the United States, Israel and Iran. Analysts say even the threat of supply disruptions can influence gasoline markets.

Nick Chabarria, a spokesperson for AAA, said gas prices were already moving upward due to seasonal changes before the latest geopolitical developments.

“Gas prices have been on the rise in the last week and that comes as part of a seasonal changeover when producers and stations switch over from winter blend gasoline to summer blend gasoline,” Chabarria said. “Now, of course, with the news over the weekend, the conflict with Iran has had an impact on oil prices globally, with oil prices rising about 7% just over the weekend. So that will likely contribute to an increase in gas prices as well.”

AAA says crude oil plays a major role in what drivers ultimately pay at the pump.

“Crude oil accounts for about 50 to 60% of that final price that we as drivers pay at local pumps,” Chabarria said. “So as crude oil can stabilize so too do gas prices.”

Missouri’s statewide average currently sits at $2.68 per gallon, below the national average. However, AAA cautions that prices could continue shifting in the coming days if markets remain unsettled.

Some viewers in Cape Girardeau who submitted videos through FOX23’s NOW app say they are reevaluating how they spend as prices fluctuate.

“Rising gas prices have made me really think about where I drive to and when I drive,” said Kylie Harris. “Making it necessary and trying to avoid traffic and using lots of gas. It’s also made me think about carpooling with others to reduce spending.”

Chabarria advises drivers to compare prices between stations, especially when gas prices are rising.

“You may find some substantial 10 to 15 cent differences in gas stations even within the same town or city,” he said. “So shop around for your fuel. If prices are trending upwards, the longer you wait as they’re moving up, the more you’re likely to pay, even if it’s a few cents.”

While prices have not surged dramatically in Missouri, analysts say continued instability overseas could bring further increases in the weeks ahead.