Gasoline prices jumped about 20 cents in the St. Louis market on Wednesday to a price approaching $3.30 cents a gallon.

"It was a significant hit," said Mike Right, spokesman for AAA Missouri in the St. Louis area.

Motorists fueling their cars this morning will wake up to the higher price. Earlier this week, a gallon of regular unleaded gasoline averaged about $3.05 in the St. Louis market, Right said.

Right added that wholesale gas prices went up to about $3.04 a gallon, which it had not reached in "a while." It had gotten as low as $2.70 a gallon.

Further, federal subsidies for ethanol expired on Sunday with the beginning of the new year. Right said that could account for about 4 to 5 cents a gallon.

Congress did not renew the controversial subsidy. Ethanol is added to gasoline-based motor fuel.

Right said crude oil prices have contributed as well. Tensions between the United States and Iran in the Strait of Hormuz is "causing anxiety in the oil industry," and that is driving the price of crude, he added.