GOLDEN VALLEY, Minn. - Rising gas prices are not exactly welcomed news for your wallet.
According to Gas Buddy.com, the average price for regular unleaded in the Twin Cities on Tuesday is $2.31 a gallon.
That's below the national average, but nearly fifty cents more than what we were paying a year ago.
So, what's the deal?
“The answer really is simple if you just look at where crude oil prices were, because that's the big difference,” says Gregg Laskoski, petroleum analyst for Gas Buddy.com.
He says the decision in November by the Organization of the Petroleum Exporting Countries (OPEC) to cut the global supply of oil is behind the spike at the pump.
“They're taking a step to reduce that global supply and try to re-balance supply and demand in an effort to raise these prices so that everyone benefits,” Laskoski says. “Obviously they're more interested in OPEC members benefiting, but that's what's going on.”
GasBuddy.com predicts that prices will peak this year in May.
In the Twin Cities they're estimating prices will rise to anywhere between $2.90 and $3.25 a gallon.
To weather the storm, Laskoski says to do your research to find the lowest prices around you.
On Tuesday, according to GasBuddy.com, the lowest price in the Twin Cities was in Inver Grove Heights at $1.99 a gallon. The highest price was $2.59 a gallon in Minnetonka.
Visit TwinCitiesGasPrices.com for updated gas prices in the metro.