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Gas prices expected to keep dropping

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Average retail gasoline prices in Minnesota have fallen 5.7 cents per gallon in the past week, averaging $2.93/g Sunday, according to GasBuddy’s daily survey of 2,856 gas outlets in Minnesota.

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This compares with the national average that has fallen 2.4 cents per gallon in the last week to $3.21/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Minnesota during the past week, prices yesterday were 10.3 cents per gallon lower than the same day one year ago and are 12.0 cents per gallon lower than a month ago. The national average has increased 0.7 cents per gallon during the last month and stands 3.8 cents per gallon lower than this day one year ago.

“Another downward trend in gasoline prices has emerged as motorists hit the roads in the last full week before Christmas,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

“Historically, this is about the time of year that gasoline prices hit their yearly lows, but this time around, I have more optimism that prices may move even lower in the next few weeks. As we finish our 2014 forecast at GasBuddy in the near future, we can say that 2014 does offer some relief compared to what we’ll end up seeing in terms of average in 2013, but for the time being, the next week looks to see a continued drop in gasoline prices,” DeHaan said.

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