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Fuel prices spike in advance of holiday weekend

GasBuddy.com says summer travel is poised to plunge as a result of high gas prices. The website's 2018 Summer Travel survey reveals only 58 percent of respondents said they will take a road trip this summer, a 24 percent decrease from last year.
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MINNEAPOLIS-ST. PAUL - It's nearly as predictable as the sun coming up: A holiday weekend rolls around, and fuel prices spike.

GasBuddy.com says gasoline has jumped nearly 10 cents in the past week, pushing the price to an average of $2.84 per gallon of unleaded. That's compared to a national average of $2.92.

Prices in the Twin Cities yesterday were 53.0 cents per gallon higher than the same day one year ago, and 31.6 cents per gallon higher than a month ago.

The gas price website also found that summer travel is poised to plunge as a result of high gas prices. GasBuddy’s 2018 Summer Travel survey reveals only 58 percent of respondents said they will take a road trip this summer, a 24 percent decrease from last year. Nearly 4 out of 10 (39 percent) cited high gas prices for impacting their summer travel decisions, compared to 19 percent in 2017.

"For all those that have said summer travel will be unaffected, we offer thousands of respondents who have strongly indicated that's not true, especially as gas prices continue to climb," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "For the first time in years, the annual GasBuddy Summer Travel Survey revealed that higher prices are hurting the tradition of the summer road trip as we near a national average of $3 per gallon.

"It's no shock as we continue to see price hikes in 49 of the nation's 50 states in the last week. And what rings true is that with such a big jump in prices, motorists are absolutely becoming more price conscious as they make plans this summer," DeHaan maintains. "High gas prices are starting to eat away at the travel plans of many, and the number will likely rise as gasoline prices appear poised to continue moving higher in the weeks ahead."

Minnesota doesn't have a corner on the 'pump pain' market. Prices are up in neighboring states as well.

  • Wisconsin- $2.87/g, up 7.2 cents per gallon from last week's $2.80/g
  • Sioux Falls- $2.81/g, up 3.4 cents per gallon from last week's $2.77/g
  • Minnesota- $2.82/g, up 8.1 cents per gallon from last week's $2.73/g

For LIVE fuel price averages, visit the GasBuddy website.

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