MINNEAPOLIS — Oil experts are blaming the attack on Saudi processing facilities for a significant jump in gas prices over the past week.
Gas Buddy's weekly survey of more than 1,100 stations sets the Minnesota gas price average at $2.67, up 14.5 cents from a week earlier. The cheapest station is selling a gallon of unleaded for $2.37 per gallon, while the most expensive is $2.99.
"For the first time in ten weeks the national average has risen, and certainly not just a small increase but a very noticeable rise on the heels of attacks on Saudi Arabia that knocked out 5% of daily oil production," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "While the worst is now behind us, there remain some concerns that could cause oil prices to rise further, including a fairly optimistic timeline from the Saudis that may prove challenging to meet. Should timelines be extended, motorists may see additional slight increases."
DeHaan says an active hurricane season and the impacts of the weather that comes with them could also impact prices in coming weeks, keeping them higher than normal.
The price of a gallon of fuel in Minnesota, while on the increase, is still 14.1 cents cheaper than it was a year ago. Prices are also up in Wisconsin and South Dakota, but at at a lower rate than here in Minnesota.