Metro-East News

Area gas prices remain below the national average

While gas prices in St. Louis have risen 7 cents a gallon in the last week, those average prices are still hovering about 8 cents below national gas price averages, according to gas price tracker GasBuddy.

In a news release Monday morning, GasBuddy officials stated that national gas price averages have fallen 5 cents a gallon to $2.33 a gallon — compared to St. Louis averages of $2.25 a gallon.

“The national average gas price has again declined in the last week, but the road ahead may be a bit bumpier,” Patrick DeHaan, senior petroleum analyst for GasBuddy.com, said in the release.

A spot check on GasBuddy.com shows prices in the metro-east ranging from $2.11 to $2.27 a gallon.

The national average has dropped 8.1 cents per gallon during the last month and stands 10.4 cents per gallon higher than May 15, 2016, the GasBuddy release stated.

A recent GasBuddy study shows fueling up earlier in the week can lead to savings for motorists, while waiting for the weekend can cost more at the pump.

Gas prices on Monday offer the lowest average. Thursday had the highest average, making it the worst day to buy gas.

“While the national average fell, several states in the Great Lakes saw average prices rise thanks to a mid-week rally in oil markets that saw oil prices sneak in a net gain for the first week in several, and that may impact prices in the week ahead,” DeHaan said in the release “Thank Wednesday’s weekly report from the Energy Information Administration for the rally as government data showed a larger than expected decline in oil inventories and gasoline inventories, weighing on markets at the precise time that OPEC chats about extending its crude oil production cuts.

“Watch both of these factors this week to get a taste for where prices will go to start the summer driving season.”

Earlier this year, GasBuddy forecasters predicted this year would bring the highest gas prices around the nation since 2012, when gas prices peaked at $3.60.

DeHaan said in an earlier BND report that summer gas prices should peak between mid-May and mid-June.

GasBuddy compiles motor fuel prices from more than 130,000 gas stations in the U.S.

Gas prices on May 15 in St. Louis over the last five years:

  • 2016 — $2.13 a gallon
  • 2015 — $2.62 a gallon
  • 2014 — $3.41 a gallon
  • 2013 — $3.57 a gallon
  • 2012 — $3.56 a gallon

SOURCE: GasBuddy

  Comments