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Gas Prices Dropping In St. Louis Area

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ST. LOUIS, MO (KPLR)-- If you`ve filled up your gas tank lately, you may have noticed prices are falling. As of Thursday, the average price for regular unleaded was $3.77 in St. Louis, down from $3.99 just days ago.

But why?

Mike Right from AAA says some of it has to do with easing tensions about Iran`s nuclear program. "Some of the pressure associated with their unrest has abated and we are starting to see future prices decline and that is having a direct impact on what we are paying at the pump today."

And since those future prices have continued to fall, even lower prices may be coming, which could be a real boon to the economy with the start of the summer travel season just a few weeks away.

"It may spur some people who decided not to go a long distance to go a little further, to stay a day or so longer, to spend a little more at their destination. So there is an awful lot of economic impact associated with the rise or fall of gasoline prices," Right said.

Then there is the law of supply and demand.  A 3% drop in demand, coupled with a 3% increase in supply compared to this time last year, is helping drive prices down, which is just fine with drivers like Deandre Harvey.

"$3.77, that`s cool but it is still close to $4.00 so I am happy with the drop but it could go down a little bit lower," Harvey said.

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