State gas prices climb 10 cents

As of Feb. 18, Missouri’s average retail price for gasoline was $2.87 per gallon, up 9.8 cents for the week and up 70 cents compared to the same time last year. The average price for diesel fuel was $3.40 per gallon, up 20 cents for the week and $1.01 higher than for the same period in February 2007.

Missouri’s average, however, is more than 16 cents lower than the U.S. average retail price for gas, which was up 8.2 cents to $3.04 per gallon, making it nearly 75 cents higher than this time last year.

Crude oil futures for March delivery on the NYMEX ended 73 cents higher Feb. 20 at $101.74 per barrel, following a record $100.01 on Feb. 19. That marked the first settlement above $100 since oil futures began trading in 1983.

“Crude values were pressured higher on concerns surrounding OPEC oil production declines to be decided March 5 and a rush of speculative buying, which intensified as the U.S. dollar weakened on the heels of the Federal Reserve’s apparent concerns about the economy,” the report said.