AAA reports a decrease in fuel cost over the past week

Cape Girardeau residents still paying on the high end of the gas spectrum

CAPE GIRARDEAU, Mo. (KBSI)- The statewide gas price average in Missouri is $3.03 for a gallon of regular unleaded fuel, according to the AAA Missouri weekend gas watch.

That price is 14 cents fewer compared to this day last week and is one cent more per gallon compared to this day last year.

Nick Chabarria, AAA public affairs specialist: “Yeah, certainly barring any major upheavals in the oil and gas company, we should at least continue, expect to continue to see this trend, in the very short term.”

Of the major metropolitan areas surveyed in Missouri, drivers in Cape Girardeau are paying the most for gas on average at $3.25 per gallon.

The national average price for a gallon of regular unleaded is $3.47, which is 12 cents fewer compared to this day last week and nine cents more than the price per gallon at this time last year.

Concluded Chabarria: “China is one of the largest consumers of oil around the world, so any time any demand is impacted in China, that’s going to have an influence on China as well. China is potentially getting ready to lose their COVID restrictions, which would increase gas and oil demand. Theoretically drive prices up here, so couple things to keep an eye on at least in the short term in the next week or so, we should continue to see prices heading in the direction they are.”

The loosening of demands on COVID restrictions will likely lead to an increase in global demand for crude oil, which accounts for 50-60 percent of the cost of a gallon of gasoline.

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