MINNEAPOLIS — With gas prices dropping, it’s an ideal time for a summer road trip.
The average price per gallon in Minnesota is currently more than 40 cents lower compared to this time last year, according to AAA.
GasBuddy reports that prices in the state are stabilizing between $3.30 and $3.37 per gallon.
Dave Vang, a finance professor at the University of St. Thomas, notes that prices are relatively low by recent standards.
“Currently, gas prices are historically low compared to recent trends,” Vang said.
He attributes the lower prices to two factors: a robust global oil supply and Minnesota’s refineries operating at full summer capacity.
Vang cautions that prices might rise in the fall when refineries switch to a winter blend. He also mentions the potential for geopolitical issues that could disrupt global oil supplies.
As of Sunday night, GasBuddy indicates that the cheapest gas near the Twin Cities is available at Kisch Oil in Dayton, near Maple Grove. At $3.00 per gallon, it is approximately 45 cents below the average price.