Minnesota weekly fuel update and outlook
Average retail gasoline prices in Minnesota have risen 3.5 cents per gallon in the past week, averaging $2.29/g yesterday, according to GasBuddy's daily survey of 2,856 gas outlets in Minnesota. This compares with the national average that has increased 2.1 cents per gallon in the last week to $2.33/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Minnesota during the past week, prices yesterday were 21.4 cents per gallon higher than the same day one year ago and are 9.5 cents per gallon higher than a month ago. The national average has increased 7.3 cents per gallon during the last month and stands 21.6 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on August 7 in Minnesota have ranged widely over the last five years:
$2.08/g in 2016, $2.52/g in 2015, $3.31/g in 2014, $3.56/g in 2013 and $3.74/g in 2012.
"For the third straight week, gasoline prices have accelerated with the national average at its highest level in over eight weeks, driven by rising oil prices as inventories continue to tighten and concern over Venezuela lingers," said Patrick DeHaan, senior petroleum analyst for GasBuddy. "Looking behind us, however, gas prices have remained in a relatively tight range for the last year, staying within a 30 cent wide range. While we're likely to see gas prices continuing to move higher in the week ahead as they catch up to oil, we're unlikely to break out of the well-established rut in the national average which has kept prices between $2.12 and $2.42 for the last 15 months."