Average retail gasoline prices in Minnesota have risen 5.4 cents in the past week, averaging $3.55 per gallon Sunday, according to GasBuddy’s daily survey of 2,856 gas outlets in Minnesota. This compares with the national average that has increased 2.5 cents in the last week to $3.65 per gallon, according to gasoline price website MinnesotaGasPrices.com.
Regular gasoline prices in International Falls, according to the site, ranged from $3.49 to $3.54. Prices for midgrade fuel were listed at $3.99 per gallon and diesel fuel was listed at $4.29 per gallon. Local prices premium fuel were not listed on the site.
Including the change in gas prices in Minnesota during the past week, prices Sunday were 6 cents per gallon higher compared to the same day one year ago and are 7.6 cents per gallon higher than a month ago. The national average has increased 12.9 cents during the last month and stands 16.5 cents per gallon higher than this day one year ago.
“While the national average has risen for the 12th straight week, it is likely nearing a peak,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Gas price increases have continued since early February but are likely nearing an end as oil refineries conclude seasonal maintenance, and the switchover to summer gasoline is nearing completion. Meanwhile, oil inventories are at their highest ever level as reported by the Energy Information Administration, which cited crude oil stocks at a record high of 397.7 million barrels, which should help propel oil prices lower in coming weeks as some storage facilities near capacity. For motorists, the peak to retail gasoline prices is likely very near, with some relief to follow in coming weeks as pressure eases on factors that drive gasoline prices, “ DeHaan said.
GasBuddy.com is a tool to help motorists save money at the pump by collecting gas price data and displaying it on websites and on a free smartphone app that has been downloaded over 37 million times. The site operates MinnesotaGasPrices.com and more than 250 similar websites that track gasoline prices at more than 140,000 gasoline stations in the United States and Canada.
