Gas prices fall following record low oil prices

2 months 2 weeks 4 days ago Tuesday, April 21 2020 Apr 21, 2020 Tuesday, April 21, 2020 4:10:00 PM CDT April 21, 2020 in News
By: Caroline Dade, KOMU 8 Reporter and Sydney Walton, KOMU 8 Photojournalist
loading

COLUMBIA - Gas prices continued to fall Tuesday after the price of oil fell below $0 per gallon on Monday. 

When oil prices go into the negative, that means traders are willing to pay people to buy their product. 

It also means lower gas prices. According to GasBuddy.com, the average price for a gallon of gas in Boone County is $1.36, which is the lowest price in the last 10 years

Timothy Davis, who was pumping gas at Break Time, said when he saw prices dropping, he expected them to rebound quickly. 

"Actually, it's starting to go down a lot farther than I thought," he said. "I think it's going to help out a lot of families getting back and forth to work and help to get loved ones up to different places to see their family."

Davis said lower prices at the pump mean he has more money to spend on other essentials. 

"It's giving me extra money to help support my family, buy formula and buy extra groceries for when all the prices do start going back up so we can have that stocked up," he said. 

Oil prices went up on Tuesday, but they remained low. While gas prices have decreased due to lower oil prices, experts say drivers shouldn't expect to see almost-free gas at the pump. 

According to the U.S. Energy Information Administration, which is part of the U.S. Department of Energy, only 35% of the price drivers pay for each gallon is determined by the price of crude oil. Things like taxes and marketing also add to the cost. 



More News

Grid
List
CALLAWAY COUNTY - A body found along a Callaway county roadway Thursday is under investigation as a homicide. The... More >>
6 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 7:36:00 PM CDT July 09, 2020 in News
BOONE COUNTY- Businesses outside the city limits of Columbia are now having to decide what to do about the mask... More >>
8 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 6:33:00 PM CDT July 09, 2020 in News
COLUMBIA - The COVID-19 pandemic changed a lot about how we live, and unemployment benefits weren't left out. Unemployment... More >>
8 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 5:45:00 PM CDT July 09, 2020 in News
JEFFERSON CITY – As cases are beginning to spike, some counties are struggling to keep up with the demand for... More >>
8 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 5:38:00 PM CDT July 09, 2020 in News
MOBERLY - The city has acquired what was formerly the Moberly Junior High School, and now is working to figure... More >>
11 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 2:42:00 PM CDT July 09, 2020 in News
COLUMBIA — Columbia Parks & Recreation will host a public input meeting tonight to discuss plans for a new trail... More >>
12 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 2:31:00 PM CDT July 09, 2020 in News
COLUMBIA - People have been busy buying masks to prepare for the mask ordinance taking effect Friday, and businesses are... More >>
12 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 1:51:00 PM CDT July 09, 2020 in News
MCDONALD COUNTY - An Amber Alert has been issued in McDonald County. The Missouri State Highway Patrol said 8-year-old... More >>
13 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 1:14:00 PM CDT July 09, 2020 in News
JEFFERSON CITY - The final amount of insurance claims reported after the May 2019 tornadoes has amounted to nearly $190... More >>
13 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 1:06:00 PM CDT July 09, 2020 in News
BRANSON - When Kanakuk Kamps, a prominent network of Christian camps in Missouri, opened their five overnight camps on May... More >>
15 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 11:24:00 AM CDT July 09, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about impacts in the community. You can... More >>
15 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 10:56:00 AM CDT July 09, 2020 in News
WASHINGTON (AP) — The Supreme Court on Thursday kept a hold on President Donald Trump’s financial records that Congress has... More >>
16 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 9:45:00 AM CDT July 09, 2020 in News
ST. LOUIS (AP) — Police are investigating after three people were shot at a popular downtown St. Louis outdoor attraction.... More >>
17 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 9:20:00 AM CDT July 09, 2020 in News
KANSAS CITY, Mo. (AP) — Police in Kansas City are investigating the death of a woman they say was standing... More >>
17 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 9:19:00 AM CDT July 09, 2020 in News
COLUMBIA- MU Health Care is set to open another drive through testing site located at Mizzou North. Staff at... More >>
17 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 8:47:00 AM CDT July 09, 2020 in News
(CNN) -- Just before the lockdown began, London-based writer Valentina Valentini made the choice of a lifetime: She agreed to... More >>
18 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 8:18:25 AM CDT July 09, 2020 in A Brighter Tomorrow
COLUMBIA – Thursday is the last full day Columbia residents will be able to go out in public without a... More >>
19 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 7:00:00 AM CDT July 09, 2020 in News
(CNN) -- The short-form video app TikTok has quickly become a key part of popular culture in the US, serving... More >>
20 hours ago Thursday, July 09 2020 Jul 9, 2020 Thursday, July 09, 2020 6:17:00 AM CDT July 09, 2020 in News
Columbia, MO
Broken Clouds 74°
3am 72°
4am 71°
5am 70°
6am 69°