Outlook Calls For Continuing Pump Relief
A new forecast is suggesting gasoline prices in St. Louis will continue to be among the lowest in the nation for 2015.
GasBuddy.com's annual outlook predicts the peak price in the region will range from $2.65 to $2.95 cents a gallon, thanks in part to a decision by Saudi Arabia to continue production even as global oil prices fall.
"All to recapture market share that they've lost as the U.S. has continued to see a boom in oil production over the last seven years,” said GasBuddy Senior Petroleum Analyst Patrick DeHaan.
“That has oil prices reeling.”
The St. Louis area has benefited from its proximity to refineries and pipelines and lower taxes, compared to other states.
But there is another significant factor keeping prices low, according to DeHaan.
“A very cut throat environment for gas stations in St. Louis, which of course, good competition – healthy competition – means lower prices.”
Nationally, GasBuddy.com suggests drivers throughout the U.S. will save $97 billion at the pumps in 2015, compared to last year.
It says drivers paid a total $465 billion for gasoline in 2014.