CHICAGO — In the grand scheme of things, a drop of three cents per gallon is not anything that will allow you to take early retirement, or buy that new vacation home.
But after weeks of volatility and corresponding price hikes on the oil market, any reduction at the pump is welcome. The most recent survey by GasBuddy reflects a downward trend both at the local and national level.
The survey of 1,106 stations across the Twin Cities metro shows the average price of a gallon of unleaded is now at $3.95. That's 49.9 cents more than a month ago and $1.21 more expensive than a year ago. The cheapest gas was found at a retailer moving it for $3.59 per gallon, while the most expensive pump price was $4.59.
Nationally gas has dropped nine cents over the past week to average $4.23.
“GasBuddy, last week, predicted that a top was in for the national average price of gasoline, and indeed, for the first time in 12 weeks, the national average price of gasoline has declined," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While the decline is still subject to changes in global supply and demand, COVID and Russia's war on Ukraine, we are poised to see additional downdrafts at the pump this week in most areas."
One interesting trend De Haan has noticed is that skyrocketing prices have had little-to-no impact on the driving habits of Americans.
"For now, gasoline demand has shown absolutely no signs of buckling under the pressure of higher prices, even as California nears an average of $6 per gallon, with Spring Break travel well underway," De Haan explained. "If the situation does worsen, with more oil being kept away from global markets, it's not impossible that gas prices would still have to climb a considerable amount for Americans to start curbing their insatiable demand for gasoline."
Here is what motorists are paying for gas in our neighboring Midwestern states:
- Wisconsin - $3.91/g, down 11.0 cents per gallon from last week's $4.02/
- South Dakota (Sioux Falls) - $3.86/g, down 2.2 cents per gallon from last week's $3.88
- North Dakota - $3.87/g, down 1.7 cents from last week's $3.89
- Iowa - $3.88, down 6.2 cents from last week's $3.94
For more on the latest price survey and ways to save on fuel, check out the GasBuddy website or app.
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