COLUMBIA — Gas prices in Columbia jumped to a high of $3.04 Friday after the city saw prices around $2.76 on Thursday, according to gasbuddy.com.
Ryan Rowden, executive director of the Missouri Petroleum Council, said the increase happened because the market is reacting to a small rise in wholesale prices. In the past three days, wholesale prices have risen by around 5 percent.
This increase has been seen nationally. The national average gas price Friday increased to $3.211, according to gasbuddy.com. On Wednesday, the national gas price average rose by nearly a penny to $3.19 for the first time in 12 days, according to AAA in a CNBC article.
Although gas prices in Missouri have risen, they have not reached the $3.114 average high seen statewide at this time a year ago, according to gasbuddy.com.
"Slowing economic growth and easing tensions in the Middle East have helped keep prices down," Rowden said.
He also said that an Energy Information Administration report showed that oil production reached a 24-year high that has not been reached since 1995. The high amount of production, combined with a lower demand that is usual for winter, has kept gas prices under $3, Rowden said.
Tom Kloza, the chief oil analyst at gasbuddy.com also told CNBC, "Increasing gasoline supplies could keep a lid on a significant price rise."
Supervising editor is Allie Hinga.