Expert: Gas prices may go down even more; Lower prices could last months

KANSAS CITY, Mo. - Gas prices are on the decline across the United States, and the Kansas City area is seeing more relief than most.

Prices here have dropped by almost 50 cents in the past month. In places like Harrisonville, Mo., drivers are paying as low as $2.99 per gallon.

Gas prices plummeting; Kansas and Missouri dropping even faster than national average http://tinyurl.com/8blala4

"I'm shocked!" said California driver Jeff Dunlap, who was filling up in Harrisonville. "We're paying $4.50. It's over $100 to fill up the truck."

Dunlap's bill only added up to $60 at Casey's General Store.

"I'm thinking about moving here," he joked.

Cheap gas: The 10 states paying the least for a gallon of regular unleaded http://tinyurl.com/9v2dm8w

Bill Black, professor of economics at the University of Missouri - Kansas City, said the metro area historically enjoys cheaper gas.

According to gasbuddy.com , Kansas City's average on Thursday afternoon was around $3.23 per gallon -- compared to the national average of $3.60.

RELATED | Find the cheapest gas prices in the metro: http://tinyurl.com/7c35jyr

Black said more supply is the simplest explanation for the drop.

"Refinery capacity has come back online," he said.

Earlier this year, Black said several refineries, mainly in the Caribbean, shut down around the same time. With a more plentiful supply, Black said drivers can expect cheaper gas for months to come.

"They can still come down 20 to 40 cents easily," he added.

Black said gas prices are now lower than right before the recession started in 2008 when fuel dropped to less than $2. He said a speedier economic recovery could push prices back up.

Print this article Back to Top

Comments