July 16 — Gasoline prices in Minnesota have risen 0.8 cents per gallon in the past week, averaging $2.75/g yesterday, according to GasBuddy’s daily survey of 2,856 stations in Minnesota. This compares with the national average that has increased 1.3 cents per gallon versus last week to $2.87/g, according to GasBuddy.
Average gasoline prices on July 16 in Minnesota have ranged widely over the last five years: $2.20/g in 2017, $2.11/g in 2016, $2.66/g in 2015, $3.47/g in 2014 and $3.62/g in 2013.
Including the change locally during the past week, prices yesterday were 55.0 cents per gallon higher than a year ago and are 2.0 cents per gallon lower than a month ago. The national average has dropped 2.4 cents per gallon during the last month and stands 63.3 cents per gallon higher than a year ago.
Areas near Minnesota and their current gas price climate:
• Wisconsin – $2.82/g, unchanged from last week’s $2.82/g.
• Fargo – $2.68/g, unchanged from last week’s $2.68/g.
• Twin Cities – $2.77/g, unchanged from last week’s $2.77/g.
“While just over half of the nation’s states saw average prices moving lower, the other half saw prices fall. A very mixed week as oil prices collapsed Wednesday, opening the door for a round of late-week price drops, but motorists shouldn’t be fooled — it may not last long,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Two things are for sure in one’s lifespan: death and taxes, but you can add uncertainty at the pump, especially this summer. President Trump has talked about tapping into the nation’s Strategic Petroleum Reserve to put downward pressure on oil prices, but this would be a grave mistake and only lead to minuscule drops at the pump and only temporarily. Last week’s plummet in oil prices came thanks to Libya signaling it would resume oil exports. If there’s anything to learn here it’s that President Trump has little power over global supply and demand, and if anything, there’s few options for the President to bring real change to gas pumps: slow motorists appetite for fuels, see sustainable increases in production or slow down the abrasive and inflammatory rhetoric that spooks the oil market. Until then, there’s only one predictable outcome for gas prices for the remainder of the summer: volatile.”
For LIVE fuel price averages, visit FuelInsights.GasBuddy.com.
About GasBuddy
GasBuddy is the technology company changing the way more than 75 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.