Gas Prices Fall as Labor Day Nears

Crude oil prices fell last week by $5.00 per barrel, bringing along relief at the gas pump. Motorists are now seeing prices fall to early summer levels. 

Triple-A reports that prices could be falling due to market concerns that the demand for crude oil will decline as coronavirus infections increase across the globe. 

“Crude oil prices saw not only a dramatic drop on the week, but the price per barrel is at the cheapest in three months,” said Jeanette McGee, AAA spokesperson. “If this downward trend continues and less expensive prices are sustained, Americans can expect to see relief at the pump in the near future.”

Gas prices in Kearney fell over the weekend to an average of $2.64 per gallon at most stations. Global demands for fuel have declined for the third straight week in a row.

“Cheaper crude, softening demand and growing stock levels equal the right combination for cheaper prices at the pump, which many Americans would likely welcome after such an expensive summer,” added McGee.

The national average price per gallon for regular unleaded is $3.16, but that is still almost a dollar more per gallon than a year ago. The falling prices are welcome as Missourians will see a new state-wide gas tax increase begin in October.

KPGZ News - Brian Watts contributed to this story