Gas prices in Minnesota fall below $4, but experts warn relief might not last
Gas prices heading into summer driving season
Patrick De Haan with Gas Buddy talks the latest on gas prices and what to expect heading into the summer driving season.
(FOX 9) - Drivers in the Twin Cities are seeing some relief at the pump, but experts say the situation could change quickly.
Gas prices drop across Twin Cities and U.S.
What we know:
GasBuddy compiles data from weekly price reports covering more than 150,000 gas stations across the country.
According to GasBuddy's survey of 1,106 stations throughout Minnesota, the average gasoline price in the Twin Cities fell 17.4 cents per gallon in the last week, now sitting at $3.99 per gallon.
The national average price of gasoline also dropped 17.9 cents per gallon over the past week, now averaging $4.09 per gallon. Diesel prices are down 13.8 cents nationally, at $5.299 per gallon.
Dig deeper:
According to the data, the cheapest station in the Twin Cities was at $3.55 per gallon, while the most expensive reached $4.49, a 94-cent difference. Across Minnesota, prices ranged from $3.45 to $4.79 per gallon, a $1.34 gap.
The average price for gasoline in the Twin Cities on June 1 was $4.17 per gallon.
Prices in the Twin Cities are now 22.1 cents lower than a month ago, but still $1.06 higher than this time last year.
Nationally, the average is down 45.2 cents from a month ago, but up $1.02 compared to a year ago, based on GasBuddy data from more than 11 million weekly price reports at over 150,000 gas stations.
Tensions remain high in Middle East
Israel and Iran have begun trading fire despite a ceasefire agreed upon two months ago. Meanwhile, President Trump has repeatedly insisted peace talks with Iran remain ongoing.
What they're saying:
"Average gasoline prices declined in virtually every state over the last week as oil prices continued to fall, with crude approaching $90 per barrel and refiners ramping up output following seasonal maintenance," Patrick De Haan, an analyst at GasBuddy said in the latest update.
The combination of lower oil costs and improving refinery runs has kept downward pressure on pump prices.
However, despite the recent downtrend, increased tensions in the Middle East, and the lack of a substantial peace agreement, could keep prices volatile in the foreseeable future.
"The future of prices remains murky. With the Strait of Hormuz remaining effectively closed, global oil supplies continue to tighten, and any further deterioration in the situation could send prices sharply higher," De Haan noted.
The Source: Information provided by the latest compiled data from GasBuddy.