Average retail gasoline prices in Minnesota have fallen 2.6 cents per gallon in the past week, averaging $2.41/gallon yesterday, according to GasBuddy's daily survey of 2,856 gas outlets in Minnesota. This compares with the national average that has fallen 3.5 cents per gallon in the last week to $2.46/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Minnesota during the past week, prices yesterday were 38.2 cents per gallon higher than the same day one year ago and are 6.8 cents per gallon lower than a month ago. The national average has decreased 6.4 cents per gallon during the last month and stands 28.4 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on Dec. 4 in Minnesota have ranged widely over the last five years: $2.03/g in 2016, $1.99/g in 2015, $2.59/g in 2014, $3.03/g in 2013 and $3.26/g in 2012.
"With OPEC deciding last week to extend last year's agreement on oil production cuts, the future for gasoline prices isn't as rosy," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "While the short term may feature more modest price decreases is many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC's extension. Motorists should enjoy the falling prices now because it's likely that prices may again rise approaching the New Year as oil prices continue to show strength."