Missouri gas prices take downward turn

Missouri’s average retail price for gasoline was down nearly 30 cents earlier this month to $2.66 per gallon from August 2006. The average price for diesel fuel was $2.87 per gallon, 23.1 cents lower than this time last year, according to the report.

Meanwhile, the average U.S. retail gasoline price fell nearly 4 cents to $2.84 as of Aug. 6, representing a 20-cent decline from this time last year.

The report cites a decline in the country’s gasoline consumption for the week ending Aug. 3, causing crude oil futures for September delivery to fall 27 cents to $72.15 per barrel. U.S. crude oil supplies also fell the week ending Aug. 3, its fifth straight weekly decline, and refineries continued to operate at more than 90 percent capacity.

Retail fuel prices could continue to drop because of concerns that reduced U.S. economic expansion will cut fuel demand, according to the report. Other factors playing into recent price declines include a reduction in forecasted Atlantic Ocean hurricanes and a drop in consumer spending, due to sub-prime borrowing losses and falling stock prices, according to the report.