News Release 106

MISSOURI  FUEL PRICES CLIMB AS CRUDE OIL HITS
RECORD HIGH

Volume 36-106

Contact: Kerry Cordray

(For immediate release)

573-526-4220

JEFFERSON CITY, MO, MARCH 6, 2008 -- Missouri diesel fuel prices surged to a new record high this week, and gasoline prices also climbed past $3 in some parts of the state in the wake of record crude oil prices, according to the Missouri Department of Natural Resources Energy Center's bimonthly Missouri Energy Bulletin.

On March 3, Missouri's statewide average retail price for diesel fuel reached a new record average price of $3.54, about 99 cents higher than last year at this time. The average Missouri gasoline was $2.97 per gallon, 61 cents higher than last year. Missouri diesel averaged about 12 cents lower than the national average, which also reached an all-time high for the second week in a row. Missouri gasoline prices ran about 19 cents lower than the U.S. average of $3.16.

In the Energy Center's March 3 survey of Missouri gasoline prices, the highest gasoline prices were found in the Kansas City area at more than $3.09, while the St. Louis region was lowest, averaging $2.86. The department's Energy Center collects fuel prices from retail providers located throughout Missouri. Published twice a month, the Missouri Energy Bulletin includes information about prices and supplies of transportation and heating fuels.

Crude oil futures for April surged $5.00 higher at the New York Mercantile Exchange yesterday to settle at $104.52, a new nominal and inflation-adjusted record price and the fourth record oil price in the past 5 days of trading at the NYMEX. Crude values rose as the Organization of the Petroleum Exporting Countries announced it would not increase production and on reports of a weakening U.S. dollar compared to the Euro and an unanticipated decline in U.S. oil reserves.

February projections by the U.S. Department of Energy estimated that 2008 retail petroleum prices this year will be higher than $3 per gallon, due to higher crude oil prices. The U.S. monthly average gasoline price was projected to peak near $3.40 a gallon this spring.

The complete Missouri Energy Bulletin for March 6, along with the department's bimonthly energy bulletins of the last year, is available online at www.dnr.mo.gov/energy/transportation/fb.htm.

For news releases on the Web, visit www.dnr.mo.gov/newsrel/index.html. For a complete listing of the department's upcoming meetings, hearings and events, visit the department's online calendar at www.dnr.mo.gov/calendar/search.do.

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