Missouri Fuel Prices Continue Plunge

Story by: Guest Contributor

First posted on 12-08-2008

Missouri motorists continued to enjoy some of the lowest fuel prices in the nation in early December as gasoline and diesel costs plunged for the 11th straight week, according to a recent survey of state fuel prices from the Missouri Department of Natural Resources’ Energy Center.

According to the Energy Center’s newest Energy Bulletin, on Dec. 1 Missouri’s average retail price for regular gasoline had dropped 47 cents in the past month to $1.58. Gasoline was $2.31 lower than the record state retail price average of $3.89 set July 7. The state average retail gasoline price was $1.26 or 44 percent lower than the same time last year. The average price for diesel fuel fell 41 cents in the last month to $2.50, more than $0.82 or 25 percent lower than last year.

Falling transportation fuel costs were matched by the prospect of lower costs for winter heating fuels. On Dec. 1, Missouri’s average residential retail price for propane was $2.07 per gallon, eight cents or 4 percent lower than the average price last month and 3 percent lower than last year at this time. On Dec. 3, natural gas futures on the New York Mercantile Exchange closed 13 percent lower than a month ago and down 6 percent compared to last year at this time.

Factors contributing to the lower prices included falling crude oil prices, strong domestic production and increased storage of natural gas, the effects of the weakening economy on industrial energy demand and winter heating season temperatures that have been moderate in most of the most areas of the United States so far.

The department’s Energy Center collects fuel prices from retail providers located throughout Missouri. The prices are published twice a month in the department’s Missouri Energy Bulletin, available online at http://www.dnr.mo.gov/energy/transportation/fb.htm.

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