Gas prices down in Missouri, White House announcement could keep prices from spiking

CAPE GIRARDEAU, Mo. (KBSI) – The average price for a gallon of regular unleaded fuel is down to $3.44 in Missouri, a drop of four cents from this time last week, and the average price in Cape Girardeau is down six cents to $3.50 per gallon. 

As the market continues to fluctuate, AAA Missouri Public Affairs Specialist Nick Chabarria said the White House’s announcement of the release of 15 million barrels of oil from the Strategic Petroleum Reserve could help keep prices down. 

“Things can change very quickly in the oil and gas market,” he said. “We’ve seen that now really for the last year. It’s certainly an action that could potentially bring down oil prices and, in turn, gas prices, but it may take some time for that to happen and just how much of an effect it will have is still uncertain.” 

Chabarria said it usually takes something shifting on a global scale to sway oil prices drastically. 

“What we’ve really found in the last year or so and what a lot of people have realized is it really takes a lot for oil prices to swing one way or the other,” he said. “It really takes more of a global effort. Certainly, there are things that policymakers can put in place here domestically, but on a larger scale, oil pricing is going to be dictated on the global market.” 

There rarely is a sure thing when it comes to the oil and gas market, and while Chabarria doesn’t anticipate a large spike in prices, the market remains highly volatile, and supply remains tight. 

So, in other words, the release of crude oil from the Strategic Petroleum Reserve could help keep prices trending downward, but there are no guarantees when it comes to the market. 

 “There really aren’t any major indicators that prices should spike toward the end of the year, but on the flip side, we still know that it’s a volatile oil and gas market globally, and that could potentially prevent them from coming down further,” Chabarria said.

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