February 5 — Average retail gasoline prices in Minnesota have risen 1.6 cents per gallon in the past week, averaging $2.57/g yesterday, according to GasBuddy’s daily survey of 2,856 gas outlets in Minnesota. This compares with the national average that has increased 1.9 cents per gallon in the last week to $2.60/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Minnesota during the past week, prices yesterday were 30.5 cents per gallon higher than the same day one year ago and are 20.1 cents per gallon higher than a month ago. The national average has increased 11.2 cents per gallon during the last month and stands 34.0 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on February 5 in Minnesota have ranged widely over the last five years: $2.26/g in 2017, $1.57/g in 2016, $2.16/g in 2015, $3.18/g in 2014 and $3.52/g in 2013.
Areas near Minnesota and their current gas price climate:
• Wisconsin- $2.56/g, up 0.5 cents per gallon from last week’s $2.56/g.
• Fargo- $2.45/g, up 1.6 cents per gallon from last week’s $2.43/g.
• Twin Cities- $2.59/g, up 1.4 cents per gallon from last week’s $2.57/g.
“High oil prices continue to push gasoline prices to territory that Americans haven’t seen for years, aside from Hurricane Harvey last September,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While oil production in the U.S. reaches highs not seen since the 1970’s, OPEC’s production cuts for the last year have weighed heavily on global inventories, mitigating any small rise in U.S. production. And the damage could get even worse as refinery maintenance season and summer gasoline is on the horizon. This has been a storm brewing since the Obama administration legalized oil exports and OPEC decided to forgo market share to tighten global supply. All of this and more will lead to average gas prices being 25-50 cents per gallon higher by Memorial Day.”
For LIVE fuel price averages, visit FuelInsights.GasBuddy.com.
About GasBuddy
GasBuddy is the technology company changing the way more than 70 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 70 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.