How gas prices have changed in Joplin in the last week
Gasoline prices haven't changed much in several weeks, and on average they sit about 45 cents lower than this same time last year. For the majority of the season, filling up the tank has cost as much—if not less—than it did last summer, according to AAA data.
That trend may continue as the weather cools down and seasonal travel demand falls. Hurricane Ernesto veered away from the U.S. this week and spared drivers the impact of damaged oil and gas infrastructure, even if it is causing turbulence for late summer beachgoers.
"With the transition to winter gasoline less than a month away for the majority of the nation, gas prices will soon begin their seasonal cooling off—just as temperatures soon will as well," GasBuddy analyst Patrick De Haan said in a statement Monday.
Stacker compiled statistics on gas prices in Joplin, MO metro area using data from AAA. Gas prices are current as of August 19.
Joplin by the numbers - Gas current price: $3.02 --- Missouri average: $3.14 - Week change: +$0.03 (+1.2%) - Year change: -$0.42 (-12.1%) - Historical expensive gas price: $4.52 (6/16/22)
How gas prices have changed in Joplin in the last week
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Why are gas prices rising? Underlying the higher costs of gas are routine factors including refinery maintenance, the switch to summer gasoline and rising demand. Domestic supply is also impacted as refineries take advantage of milder weather conditions to do necessary maintenance.
“Higher crude oil prices and increased demand contributed to the Missouri statewide average gas price surpassing the $3 per gallon mark this week for the first time since November 2023,” said AAA spokesperson Nick Chabarria.
Annual gas prices in the United States 1990-2023. In 2023, customers at U.S. gas stations were charged on average 3.52 U.S. dollars per gallon, down almost 10.89 percent from 3.95 U.S. dollars in 2022.
U.S. gasoline prices are expected to average around $3.40 a gallon in 2024 and $3.20 in 2025, compared with around $3.50 in 2023, according to the EIA's Short Term Energy Outlook report.
The Midwest region is the only one to see an increase, due to the refinery outage in the Chicago area. Most regions saw around a 6-cent decline in the last seven days. Prices on the west coast continue to slowly move to the $4 line.
The average price in Missouri is $4.59 a gallon and in Kansas it's $4.57. The national average price is $4.84. Gas taxes per gallon in Missouri and Kansas are also among the country's lowest. Missouri adds a gas tax of 17.4 cents a gallon and Kansas adds 24 cents.
Mississippi has the lowest average gas price ($2.97 per gallon), ahead of Texas ($3.04) and Louisiana and Oklahoma (both $3.05). Average gas prices decreased the least between Aug. 14, 2023, and Aug. 14, 2024, in Hawaii (2.3%), Ohio (4.5%) and West Virginia (5.5%).
The state doesn't have any oil refineries, and its share of U.S. crude oil production is so small that the Department of Energy reports it as 0 percent. But because of its proximity to Texas, Oklahoma, and the Gulf Coast states, Missouri is crisscrossed by some of the nation's larger pipelines.
Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.
Gasoline prices are determined largely by the laws of supply and demand. Gasoline prices cover the cost of acquiring and refining crude oil as well as distributing and marketing the gasoline, in addition to state and federal taxes. Gas prices also respond to geopolitical events that impact the oil market.
Gas does come from the same place - all gas trucks load up their fuel at the exact same terminals. What makes the difference between brands is the additives that are added to the gasoline. These additives are added to the fuel at the time the gas truck is filling up.
Most vehicles' average fuel tank capacity is between 10.5 and 18.5 gallons. Smaller vehicles like subcompact crossovers and other hatchback models generally hover somewhere around 12 gallons. However, subcompact models, like the Chevrolet Spark, yield a 9-gallon tank.
Broadly speaking, most modern cars can drive 20 to 35 miles on a single gallon of gas. Indeed, this is about how many miles you have left when the gas light comes on in your car.
Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.
Rising crude oil prices in our forecast are the result of falling global oil inventories. We estimate global oil inventories decreased by 0.4 million barrels per day (b/d) in 1H24 and will fall by 0.8 million b/d in 2H24. Inventory withdrawals stem in part from ongoing OPEC+ production cuts.
In its latest Natural Gas forecast, the US Energy Information Administration expects the U.S. benchmark Henry Hub natural gas spot price to increase throughout 2024 from its recent lows. The agency forecast the Henry Hub price to average less than $2.00/MMBtu in 2Q24 and about $2.20/MMBtu for all of 2024.
“We're on a downward trajectory,” Treanor said. “We foresee this continuing into the summer.” While the highest price for a gallon of regular unleaded gas in California was recorded in June 2022, with a gallon averaging $6.44, he said prices will likely not reach that high this summer.
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