How gas prices have changed in Joplin in the last week
The average cost for a gallon of gasoline hasn't budged in at least a week nationwide. That story looks slightly different, however, in Midwestern states surrounding the Great Lakes region, where a refinery outage is pushing prices upward.
The ExxonMobil refinery in Illinois suffered a power outage in a storm two weeks ago, which has kept it offline ever since. Exxon has yet to say when the facility might be back in operation. The company previously said the earliest it could be restored was by the end of July.
The national average for a gallon of gas is still down by more than 20 cents per gallon compared to a year ago, and it could dip further as the summer comes to an end.
"With the summer winding down and GasBuddy data showing disappointing gasoline demand and struggling oil prices, we could eventually see the national average falling a bit more, especially once the refinery in Illinois restarts operations," GasBuddy analyst Patrick De Haan said in a statement Monday.
Stacker compiled statistics on gas prices in Joplin, MO metro area using data from AAA. Gas prices are current as of July 29.
Joplin by the numbers - Gas current price: $3.03 --- Missouri average: $3.19 - Week change: -$0.09 (-2.8%) - Year change: -$0.36 (-10.5%) - Historical expensive gas price: $4.52 (6/16/22)
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How gas prices have changed in Joplin in the last week
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The cost to refine crude oil into gasoline, including occasional refinery production shutdowns, scheduled and unscheduled. Seasonal factors, such as changing from cheaper gas blends used in the winter, leading to a natural price spike in the spring. Spot shortages, sometimes caused by geopolitical tensions.
The onset of the pandemic led to an initial drop in prices for petroleum-based products, and then, just as abruptly, prices rose sharply as producers limited production and demand increased.
Gasoline prices generally follow crude oil prices. Gasoline prices tend to increase when the available gasoline supply decreases relative to real or expected gasoline demand or consumption. Gasoline prices can change rapidly if something disrupts crude oil supplies, refinery operations, or gasoline pipeline deliveries.
The spike coincided with interest rates of nearly 20 percent and President Ronald Reagan lifting price controls on crude oil and refined petroleum products. During that run-up in 1980, gas soared to a then-unheard-of annual average price of $1.35 a gallon.
They're most likely gone forever. That's because prices, on average, are a one-way ticket, generally rising over time, and falling only when something has gone wrong with the economy. Officials at the Federal Reserve who set the nation's monetary policy are determined to keep it that way.
Drivers suffering from price whiplash might be asking, "Who controls gas prices?" The short answer is that no single person, company or government can really be said to set gas prices, the same way that no single entity controls the prices of the most common types of car insurance.
Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.
Gas does come from the same place - all gas trucks load up their fuel at the exact same terminals. What makes the difference between brands is the additives that are added to the gasoline. These additives are added to the fuel at the time the gas truck is filling up.
Why is this? Gas stations are in fact legally allowed to charge a customer extra if they choose to use a credit card to purchase gas. This is because the gas station owners pay an interchange fee to the payment networks. They often pass this fee on to the consumer to recoup that additional cost.
The difference between bargain gas and Top Tier are in the detergent ingredients. An occasional fill up with cheap gas won't hurt your car, truck, or SUV, but we suggest you not make a habit of it when Top Tier gas is just pennies more per gallon at the pump.
A pipeline explosion in 2021 had already reduced capacity to move gas from Texas and neighboring states, where much of California's supply comes from. Additionally, the past few months in California have been especially cold, creating an unusually high demand for heating.
Rising demand for fuel helped lift prices for U.S. oil products by around 3% on Monday with diesel futures closing at their highest in 10 weeks and gasoline futures closing at their highest in eight weeks.
Beginning July 1, Illinois residents will see a small increase in gas prices as the state implements a new motor fuel tax rate of 47 cents per gallon—a 3.5% increase from the previous per gallon rate of 45.4 cents per gallon. This constitutes a 147% increase over the last seven years.
What drives higher gas prices? Several things affect prices, including supply and demand, and California policies, taxes and fees. California Senate Bill (SB) X1-2 went into effect in June 2023 and could create more pain at the pump and discourage future investment.
Introduction: My name is Arielle Torp, I am a comfortable, kind, zealous, lovely, jolly, colorful, adventurous person who loves writing and wants to share my knowledge and understanding with you.
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