AAA: Minnesota's Average Gas Price Hits $4.50 A Gallon
MINNEAPOLIS (WCCO) -- Minnesota gas prices have reached another record milestone.
On Friday morning, the state hit an average of $4.50 a gallon after jumping 11 cents over the last day, according to AAA. It's 28 cents more than a week ago. WCCO crews found prices even higher than $4.50 in Woodbury.
In Wisconsin, the average is $4.68. The national average is $4.76.
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Experts with AAA say prices have jumped because inventories for crude oil have dropped in recent days, and with the ongoing war in Ukraine, it means the world is left without one of its largest oil suppliers in Russia.
"What the president has done, he has one big tool, it is the biggest tool of any country, which is releasing barrels of oil from the strategic petroleum reserve. And a million barrels per day is the biggest release that the United States has ever done," said U.S. Secretary of Energy Jennifer Granholm. "However, we've got to make up - 'we' meaning the globe - has to make up for the millions of barrels per day that have been pulled off of the supply because of Russia's invasion of Ukraine."
Countries around the world are also pushing for more oil.
Experts say gas prices can continue to rise, and prices even higher than the ones we're seeing now aren't out of the question.
AAA says one option is that the state governments have is to create a tax holiday, which could lower prices at the pump. However, it could create issues with other tax-supported projects in the future.
