Gas prices fall 10 cents

Average retail gasoline prices in the Show-Me State fell 10.2 cents per gallon during the past week, averaging $3.37 per gallon yesterday, according to GasBuddy.com’s Aug. 12 report. The national average has dropped 5 cents in the last week to $3.58 per gallon. GasBuddy.com surveys 3,940 gas outlets in Missouri daily.

Prices in Missouri yesterday were 23 cents per gallon lower than the same day a year ago and 12 cents per gallon lower than a month ago, according to the report. The national average dipped 1.2 cents per gallon during July and stands 9.1 cents per gallon lower than a year ago.

“Prices finally have dropped under their year ago values, just in time for those last-minute vacations before school starts. The rest of the summer will likely see prices flirting with where they stand today, but more significant relief will arrive around mid-September, when prices nationally could be 10 to 25 cents per gallon lower than where they are today,” GasBuddy.com senior petroleum analyst Patrick DeHaan said in a company news release.

Missouri has the seventh lowest average gas price in the U.S. South Carolina topped the list with an average of $3.20 per gallon, while Hawaii recorded the highest average gas prices at $4.27 per gallon.

Across the state, R&P Oil in Sikeston was selling the lowest priced gas this morning at $3.09 per gallon, according to GasBuddy.com’s statewide website MissouriGasPrices.com.

In Springfield, five stations were selling the least expensive gasoline in the city at $3.21 per gallon: the city's Sam’s Club locations, 3660 E. Sunshine St. and 745 W. El Camino Alto Drive; the Kum & Go at 2161 E. Republic Court; the Shell station at 1455 E. Independence St.; and the Conoco at 1207 W. Kearney St. Other fueling centers in the city ranged from $3.23 per gallon to $3.32 per gallon.

West Texas Intermediate crude oil was trading at $105.97 per barrel as of 9:15 a.m.

Light sweet crude oil futures for September were trading at $105.29 per barrel on the New York Mercantile Exchange.