CHICAGO — Editor's note: The video above first aired on March 2, 2023.
After several weeks of significant increases, gas prices dipped more than 3 cents per gallon last week and the long-term news for summer vacationers may be even better.
Fuel price mobile app and website GasBuddy says the average price for a gallon of unleaded across Minnesota is $3.59 on Monday, down 3.4 cents from a week ago with the cheapest station selling for $2.99 and the most expensive priced at $3.79.
That's still 35 cents per gallon higher than a month ago.
GasBuddy petroleum analyst Patrick De Haan says there is good news even in a minor price drop, opining that motorists nationwide may have already seen gas prices peak for the spring-summer travel and road trip season.
"For the first time in several weeks, the national average price of gasoline has seen a decline, and while the fall was quite small, the bigger news may be that we may have seen a short-term peak for the price of gasoline," said De Haan. "While any unexpected outages could push it up again, there is a rising possibility that barring such, we may have seen our high water mark for the national average for the summer."
De Haan went on to explain that gas prices typically peak between May and June, and with the oil market showing "significant cracks in strength" we may stay short of the dreaded $4 per gallon mark that can impact travel and life decisions.
In Wisconsin today a gallon of unleaded averages $3.44, while in Sioux Falls, South Dakota motorists are paying an average of $3.52.
GasBuddy surveys 1,106 gas stations across the Twin Cities and more than 150,000 across the country, updating its price data about 288 times each day.
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