MN gas prices drop before expected jump
Average retail gasoline prices in Minnesota have fallen 3.0 cents per gallon in the past week, averaging $3.20 per gallon Sunday, according to GasBuddy’s daily survey of 2,856 gas outlets in Minnesota.
This compares with the national average that has fallen 2.2 cents per gallon in the last week to $3.27 per gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Minnesota during the past week, prices Sunday were 8.8 cents per gallon higher than the same day one year ago and are 17.7 cents per gallon higher than a month ago. The national average has increased 4.7 cents per gallon during the last month and stands 1 cent per gallon higher than this day one year ago.
“The national average has picked up some downward momentum over the last week,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “It’s likely that during this week, we will see gasoline prices again drop below their year ago levels yet again. However, as we’re approaching February, the most recent drops will likely reverse as refineries begin their maintenance season, which will see refineries doing critical work preparing for summer at the expense of gasoline output, which will be a contributing factor to an upward rise in gas prices. Motorists should expect more volatility in late-February through May as the market generally reacts to any unexpected production related issues, and there are generally several issues each year,” DeHaan said.