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News Brief

Sept. 25, 2018 |  By: Ryan Elliott

Gas prices continue to rise

Gas prices in Missouri have risen by nearly 5 cents in the past week and are currently averaging $2.62 per gallon. Over 35 cents more than this time last year. That is according to GasBuddy.com. Head of petroleum analysis at GasBuddy, Patrick DeHaan says the rise in prices is due to a higher price for oil.

"Since the beginning of 2017, global supply has been decreasing.  As a result of supply dropping month after month seemingly, oil prices have gone up and now stand at 4-year highs."

DeHaan adds prices are expected to continue to rise due to the lack of change to oil supplies.

"OPEC met again in Algeria after President Trump tweeted last week calling on the group to raise oil output to control oil prices.  The group decided not to do anything.  And in fact, several countries that are members made known that they would like oil prices to rise even further likely to bring in more revenue to those countries."

Despite the rise in prices, Missouri remains 21 cents below the national average of $2.83 per gallon.