Gas prices in Minnesota down 40 cents compared to this time last year
MINNEAPOLIS — Gas prices are relatively low, making it a great time for a summer road trip.
According to AAA, the Minnesota average per gallon is more than 40 cents lower than it was at this time last year.
Data from GasBuddy shows prices in Minnesota seem to have settled in around $3.30 to $3.37.
"Right now, they're kind of historically low compared to recent history," said Dave Vang, a finance professor at the University of St. Thomas.
Vang says two things are leading to the lower prices: a healthy global oil supply and Minnesota's refineries operating at full summer capacity.
"We probably could expect a spike sometime in fall, partially when refineries in Minnesota have to switch over to the winter blend, but trying to look into my crystal ball, I wouldn't be surprised if there was geopolitical turmoil coming up pretty soon that might disrupt the world supply," Vang said.
According to GasBuddy, the cheapest gas near the Twin Cities as of Sunday night is at Kisch Oil in Dayton near Maple Grove. At $3.00 a gallon, it's about 45 cents lower than average.