The latter portion of May should be one of optimism and excitement, right? Local high schools are preparing for commencement exercises, (and those who aren’t graduating are eagerly awaiting the end of the school year), the weather is starting to heat up, vegetable and flower gardens are greening up. Memorial Day is nearly here, the unofficial start of the barbecue season or garage sales. The point is there certainly is a lot going on. However, the optimism level quickly drops back to a more measured sense of reality when checking inflation and its unfortunately upward trend. The high percentages of inflation are impacting a lot of different sectors of the economy, the focus here will be on driving costs.
Yes, gasoline and diesel prices are way, way up. That may cause a few to pause prior to planning a high mileage, road trip style summer vacation. Or, people will still take the trip with the understanding that, yes, it’s likely going to cost more.
Without getting into the micro- or macro-level economics of it, there are factors that really are out of everyone’s control.
Missouri drivers should probably consider themselves somewhat fortunate. While prices are high, they could be…much higher. The average price per gallon for regular gas in Missouri was $4.153 as of May 20, according to AAA Gas Prices (gasprices.aaa.com) which is a public service of the U.S.’s largest motoring and leisure travel membership organization and updates the price information daily using the Oil Price Information Service. The $4.153 per gallon cost ranks seventh lowest in the nation and is among 11 states now featuring a per gallon cost for regular gasoline of between $4.033 and $4.200.
Missouri’s regular gasoline price is about 9.5 percent lower than the U.S. average of $4.593 a gallon and 19.9 percent cheaper than nearby Illinois which is now $4.982 per gallon. The Land of Lincoln, with the seventh highest average cost in the nation, is one of nine states or territories (this is where the District of Columbia fits in) in which the price at the pump for regular gasoline per gallon is between $4.859 and $6.064.
An increased demand for fuel is part of the push for the price increase, as well as crude oil trending upward.