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Local gas prices nosedive!

Gas 160203 N BeltGasoline prices continue to tumble, dropping to a national average of $1.78 per gallon.

The auto club AAA notes that the price for a gallon of regular nationwide dropped seven tenths of a cent on the day, and about 21 cents cheaper than a month ago.

In St. Joseph, retailers dropped their prices dramatically on Wednesday, to a market low of $1.34 at three locations. Quite a few stations were advertising $1.39 per gallon, which is down about a dime on the day.

The average price across Missouri was $1.476, about 23 cents cheaper than a month ago. The average in Kansas was $1.54/gallon.

AAA says the average cost to fuel a vehicle with a 15-gallon tank in St Joseph was $21.45, which is $4.47 cheaper than the average last month.

Oil futures prices on Wednesday staged a small rally, after a whopping 11 percent drop during the last two trading sessions. Oil prices are at their lowest levels since 1999, brought on by a glut of crude oil supplies. According to Bloomberg, oil rose despite government reports that U.S. crude inventories rose to more than 500 million barrels for the first time since 1930.

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