MINNEAPOLIS — Editor's note: The video above first aired on Aug. 4, 2023.
Many things change with the seasons and gas prices are among them.
It's not uncommon to see prices at the pump hike up with the arrival of spring as retailers switch to "summer blend," a mixture of fuel with less ethanol that is more expensive to produce. But gas price app GasBuddy said the average price per gallon for motorists in Minnesota has jumped 13.1 cents in the past week to $3.36 — and a whopping 32.1 cents in the last month — fueling concerns about a new round of inflation.
GasBuddy said the cheapest station in the Twin Cities Sunday was $2.99 per gallon while the highest was $3.59 per gallon: a difference of 60 cents that underlines the value of shopping around.
Analysts point to several factors, including the switch to summer blend and the unexpected shutdown of the BP refinery in Indiana, which is the largest in the Midwest. GasBuddy's Patrick De Haan said the war in Ukraine and attacks on Russian oil refineries are also playing a role by reducing supply on the world market.
"We've now seen the national average price of gasoline rising for four straight weeks, which isn't uncommon for this time of year. What is uncommon is the number of attacks on Russian oil refiners; attacks which could have ripple effects worldwide if they continue," said De Haan, Gas Buddy's head of petroleum analysis. "Russia could see more capacity impacted by the attacks, forcing it to buy such products on the global market, pushing prices up everywhere."
De Haan said we could see several more weeks of rising gas prices, which could become an issue in the 2024 elections if they start to impact the Federal Reserve’s war on inflation.
“It’s a very sensitive subject for Americans,” De Haan said. “The White House is somewhat powerless. The president doesn’t really deserve credit or blame. The market will do what it’s going to do.”
GasBuddy compiles its price list by surveying 1,106 stations across the Twin Cities metro multiple times each day.
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