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Gas prices up 4.2 cents this week

Average retail gasoline prices in Minnesota have risen 4.2 cents per gallon in the past week, averaging $2.40/gallon yesterday, according to GasBuddy's daily survey of 2,856 gas outlets in Minnesota. This compares with the national average that has increased 0.6 cents per gallon in the last week to $2.45/gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Minnesota during the past week, prices yesterday were 32.1 cents per gallon higher than the same day one year ago and are 2.5 cents per gallon higher than a month ago. The national average has decreased 8.9 cents per gallon during the last month and stands 25 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on Oct. 30 in Minnesota have ranged widely over the last five years:

$2.08/g in 2016, $2.26/g in 2015, $3.11/g in 2014, $3.15/g in 2013 and $3.29/g in 2012.

"Oil prices have rebounded in the last week, led higher by geopolitical tensions and declining inventories, leading gasoline prices in some parts of the country to make an unseasonable move higher," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "As refineries continue autumn maintenance, we may continue to see gasoline inventories under pressure, with a mixed bag of increases and decreases in the weeks ahead until the conclusion of such maintenance."

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