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Local Expert Says Increasing Gas Prices Shouldn't Affect Travel

June 13, 2018 - 7:05 am
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ST. LOUIS (KMOX) - A local economic expert is urging people not to let high gas prices squash their summer travel plans.

Central Bank of St. Louis president Rick Bagy notes that not long ago the price for crude oil climbed to about $70 per barrel.

“The fracking began to restart drilling for fracking of the oil in Ohio, Texas, and Oklahoma, and then when it got to $70, we read that the Saudi’s upped their production and now it’s down to $66,” he says.

He says long-distance travelers will still encounter gas prices above $4 a gallon in California and New York, and his advice is to fill up first right here in Missouri which still has the lowest gas tax in the nation. He points out that after nearing the $3 mark locally, gasoline prices have levelled off in the past couple of weeks

“I don’t think it will have that much impact on summer travel. It’s still so much cheaper than flying by air if you have a family,” he says.