Have Gas Prices Peaked in Southeast Minnesota?
Gas prices across Minnesota are way higher than we've seen in over a year, but are these the most expensive prices we'll see this year?
If you go back to mid to late March of 2020, gas prices were falling fast as the effect of the pandemic and shutdowns started to take effect both here in Minnesota and across the country. According to the U.S. Energy Information Administration, we were paying $1.93 per gallon on March 23rd, 2020, and prices continued to fall all the to the almost unheard of price of $1.50 a gallon on April 17th.
If you've filled up recently, you know we're paying A LOT more than that right now in Minnesota. In fact, GasBuddy says the average price of a gallon of unleaded in southeast Minnesota on March 23 is between $2.74 to $2.79 a gallon. Though it's not much conciliation, the American Automobile Association (AAA) says that's still less than the national average of $2.88 a gallon. You have to go all the way back to April and May of 2019 to see prices as high as they are right now here in the North Star State.
But, there are signs that gas prices may have peaked-- or at least stabilized-- and that we could be headed for lower prices at gas pumps around the Land of 10,000 Lakes. AAA says that after weeks of increases, prices nationally have been steady for the last 5 days. Also, AAA says that the price of crude oil is also trending lower, which can help usher in a decrease in gas prices.
However, we're not out of the woods just yet. AAA says that prices COULD still rise as we get closer to Memorial Day, which typically sees an increase in demand as we kick off the summer driving season. But, between now and then "...large jumps are not likely for the majority of consumers," AAA noted.
Meanwhile, no matter what the price of gas is right now, it's no doubt just a little bit higher than it was when you first got behind the wheel. Do you remember where gas prices were when we all first started driving?!? Keep scrolling to a walk down memory lane!