AAA: Missouri has lowest gas prices in the US

31 Dec 2014 | Author: | No comments yet »

As gas prices keep changing, Americans keep adjusting to the wild price swings.

The free-fall in gasoline prices has notched another milestone — Missouri and Oklahoma are the first states since 2009 to report average prices below $2 a gallon, according to AAA.

OKLAHOMA CITY (AP) — AAA Oklahoma says the state’s average price for a gallon of gasoline has dropped to $1.98 and is the second lowest price in the nation. They now average $1.89 on the Missouri side and a few cents higher on the Kansas side, although drivers can likely find better prices at certain locations. Nationally, gas prices averaged $2.27 with the highest state price in Hawaii at $3.53 followed by New York where motorists are paying an average of $2.80 a gallon. Gas prices in the U.S. have declined for 95 consecutive days, and November’s decision by OPEC to not reduce oil production has caused oil and gas prices to drop even faster.

The odd occurrence made me think about how gas prices have changed in the last few years, and American motorists have become conditioned to paying whatever it takes. The state’s low gas taxes and access to plenty of fuel flowing from the Gulf Coast and regional refineries have combined to push prices to a nationwide best. When the new policies go into affect, it will be difficult to predict how much gasoline will cost because both the cost of oil abroad and the carbon credit will be factors, she said. “There’s really no way to know how much the cost will increase, especially if oil costs continue to decrease, but I have seen reports that oil prices are going to increase a bit as well,” she said. Cap-and-trade revenues from fuel alone should bring in about $1.7 billion to California in 2015, said Severin Borenstein, professor of business administration and public policy at UC Berkeley’s Haas School of Business, in an August article.

Steve Mosby, a partner in Admo Energy which helps fuel retailers buy fuel to resell, has never seen anything in his decades-long career as dramatic as the recent decline in fuel prices. Finished goods from factories that U.S. companies built overseas to take advantage of cheap labor and lower taxes wouldn’t get to market here or elsewhere.

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