Gas Drops to 99 Cents in Missouri

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As gasoline prices continue to fall, nearly in lock-step with crude oil, the price of an average gallon of regular, about $1.70 nationwide, has hit levels under $1.50 in some states and under $1.40 in some smaller geographic regions. But the lowest gas price in the United States is 99 cents in Randolph, Mo.

The Phillips 66 selling gas at this price is on the Mississippi, north of Kansas City.

The price is an anomaly. The next 40 stations on the lowest price gas list are in Oklahoma, mostly around Oklahoma City, according to GasBuddy. Gas prices in those stations range from $1.07 to $1.13.

Oklahoma and Missouri have one thing in common. They have the lowest state gas prices in the United States. Oklahoma’s average is $1.34. Missouri’s is $1.40, as is the average price in Kansas.

Despite a 10% spike in the price of crude last week, it remains near multiyear lows, often as low as $30. The price of crude has a 52-week low of $26.05 and 52-week high of $65.69. Despite rumors OPEC many tighten supply, Saudi Arabia continues to pump at or near capacity. Demand is slack worldwide, to some degree because of the slowdown in the Chinese economy.

Another contributor to gas prices is proximity to gas refineries. Both Oklahoma and Missouri are close to several large ones, which include a huge cluster south of Houston on the Gulf of Mexico.

Finally, state and federal taxes affect gas prices from state to state. According to the American Petroleum Institute, the national average is $0.48 per gallon. Oklahoma is near the bottom of the list at $0.354, as is Missouri at $0.357. 24/7 Wall St. recently analyzed states with the highest and lowest gas taxes.

The price at the Phillips 66 station in Randolph is unusually low at $0.99. However, the station does sit in the region with the lowest gas prices in the country.