Minnesota, July 31- Average retail gasoline prices in Minnesota have risen 1.8 cents per gallon in the past week, averaging $2.25/g yesterday, according to GasBuddy’s daily survey of 2,856 gas outlets in Minnesota. This compares with the national average that has increased 3.5 cents per gallon in the last week to $2.31/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Minnesota during the past week, prices yesterday were 19.8 cents per gallon higher than the same day one year ago and are 8.4 cents per gallon higher than a month ago. The national average has increased 8.3 cents per gallon during the last month and stands 18.2 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on July 31 in Minnesota have ranged widely over the last five years: $2.05/g in 2016, $2.62/g in 2015, $3.35/g in 2014, $3.57/g in 2013 and $3.57/g in 2012.
Areas near Minnesota and their current gas price climate:
Wisconsin – $2.28/g, up 2.8 cents per gallon from last week’s $2.25/g.
Fargo – $2.08/g, up 4.1 cents per gallon from last week’s $2.04/g.
Twin Cities – $2.27/g, up 2.7 cents per gallon from last week’s $2.24/g.
“The upward climb at pumps across the country has largely continued as crude oil prices rallied and stand within striking distance of $50 per barrel,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “The rise in oil has come due to unrest and concern over the political outlook in Venezuela, a major supplier of crude oil to the U.S., due as well to Saudi Arabia’s export cut to six million barrels per day. Add on top of it U.S. oil inventories that have declined over 50 million barrels from March and you have a recipe for a continued rally in gasoline prices in much of the country. Watch for some volatility in oil and gasoline prices in the weeks ahead, especially with what’s going on in Venezuela. August will likely feature the summer’s highest gasoline prices.”
For LIVE fuel price averages, visit http://FuelInsights.GasBuddy.com.
GasBuddy is the technology company changing the way more than 60 million consumers find, purchase, and save money on gasoline. Founded in 2000, the original GasBuddy website was a pioneer in crowd-sourced information, leveraging technology, big data, and a passionate community that now connects more than 60 million users with real-time, accurate fuel pricing information as well as reliable reviews of gas station amenities and services. The app and website have the most accurate and real-time fuel prices at over 140,000 unique stations in the United States, Canada, and Australia and is the most comprehensive money-saving companion while on the road. GasBuddy is available on all mobile platforms. For more information, visit www.gasbuddy.com.