Missouri gas prices on downward trend

A week ago, the state’s average retail gas price fell 16 cents from December to $2.77 per gallon. The average price for diesel fuel fell 10 cents to $3.19 per gallon.

Missouri’s average gas price is nearly 20 cents lower than the U.S. average, and diesel prices are 8.4 cents lower than the U.S. average. Compared to a year ago, however, Missouri’s gas price is nearly 78 cents higher, and the average diesel fuel price is more than 86 cents higher.

Crude oil inventories increased 7 million barrels for the week ended Feb. 1, the largest supply gain since March 2004. Oil prices have declined nearly 14 percent since Jan. 3 on market speculation that demand will drop as global economies slow, according to the report.