Gas prices are low in Southeast Missouri lately and, according to petroleum analysts, it will remain like that for the rest of the year.
Senior petroleum analyst for the website Gas Buddy Patrick DeHaan explained that gas prices decreased because of events occurring over the last two weeks overseas. He said that because Saudi Arabia, Iran and Iraq announced they were cutting prices on oil for the month of October, the Organization of the Petroleum Exporting Countries (OPEC) is voluntarily cutting prices.
“Those three countries cutting prices is putting a significant amount of downward pressure on oil prices at a time that U.S. domestic production has grown to its highest levels since the 1980s,” DeHaan said.
To him, prices should remain relatively low through the end of the year.
“It looks very likely that across the state of Missouri prices will likely continue to drop for the next couple of weeks,” DeHann said.
He said gas is likely to be under three dollars a gallon for the next two months. The last time gas prices throughout Missouri have been this low was in late 2010.
Missouri has the sixth cheapest gas in the country. Only South Carolina, Tennessee, Mississippi, Texas and Virginia are cheaper.