Gas prices in Kansas City jump more than 30 cents
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This gas station is ridiculous. Photo: Abbey Higginbotham/Axios
Gas prices are climbing in Kansas City, reflecting market fears and rising oil costs resulting from U.S. and Israel strikes on Iran.
Why it matters: Anyone who drives will see an immediate effect on their pocketbooks, while ripple effects could creep into the cost of plane tickets and heating your home.
Zoom in: The average price of regular unleaded gas in the KC metro was $2.786 per gallon on March 1, according to GasBuddy monthly data.
- That is up from $2.473 on Feb. 1.
- Last year on March 1, the metro average was $2.82.
Yes, but: While KC's average remains below the national price, some stations across the metro are already charging more than $3 per gallon.
- A Sinclair in downtown KC listed regular unleaded at nearly $3.50.
💠Travis' thought bubble: FavTrip at 10th and Locust always has discounts, which would be helpful if I ever remembered to go there.
Zoom out: The national average price of unleaded gas hit $3.11 per gallon on Tuesday, up 11 cents overnight, according to AAA.
- It was the biggest single-day spike since March 4, 2022, according to GasBuddy analyst Patrick De Haan.
- And that could go up to $3.50 in the coming weeks, oil analyst Tom Kloza tells Axios.
- It marks the highest national average since Oct. 9, according to data supplied to Axios by the Oil Price Information Service.
Between the lines: The oil price spike will also lead to increases in diesel, jet fuel, heating oil and natural gas prices, likely increasing the cost of shipping, airline tickets and home heat.
Reality check: The record average national gas price is $5.02 as of June 14, 2022.
The bottom line: KC drivers are paying more at the start of March than they did in February, and prices could continue climbing if oil markets stay volatile.