MINNEAPOLIS - The classic combo of dwindling supply and increased demand is pushing gas prices up across Minnesota and the nation.
GasBuddy.com says the average retail price for a gallon of unleaded jumped 10.9 cents in the past week across the Twin Cities, reaching $2.11 Sunday. The national average is even higher, reaching $2.22 after an average increase of 8.1 cents per gallon.
In Wisconsin a gallon of unleaded averages $2.19, up 7.1 cents per gallon from last week.
“Gasoline and oil prices have set new yearly highs as the imbalance of supply and demand may begin to shift as global oil production shows signs of slowing and gasoline demand is accelerating. While oil inventories in the U.S. remain well-supplied for now, they are likely to start receding as refiners begin throttling up their operations after maintenance season. Americans appear ripe to consume near record levels of gasoline, if not the highest levels ever this summer with some of the lowest summer prices seen in ten years or so,” said Patrick DeHaan, a Chicago-based senior petroleum analyst for GasBuddy.
Prices across the Twin Cities yesterday were 37.5 cents per gallon lower than the same day one year ago and are 20.2 cents per gallon higher than a month ago.
For a live look at current fuel prices check out the GasBuddy website.