Here’s Why Gas Prices Are Suddenly Going Up Again In Minnesota
They usually head down this time of year, but your eyes are deceiving you: gas prices have been suddenly rising again in Minnesota.
Usually, about the time the leaves start to fall here in the Land of 10,000 Lakes, you can count on the cost of filling up your vehicles to have fallen, as well. Those lower prices are often the result of refineries starting to produce more home heating oil and the less expensive winter blend of gasoline, along with reduced consumer demand (because we typically don't take as many road trips in the fall as in the summer), all of which result in cheaper gas prices.
Usually, that is. But not this year. Because if you haven't noticed, after several months of going down, gas prices are suddenly rising again here in the Bold North. In fact, AAA Minnesota says that as of October 6th, gas prices across the state are at $3.78 a gallon, up 11 cents from a week ago.
So what gives? Why are gas prices going up again? Well, according to this AP story, we can partially blame OPEC+, the alliance of oil-producing countries, who just voted to cut production.
OPEC Energy ministers voted Wednesday to cut production by a larger-than-expected 2 million barrels per day starting in November to support sagging oil prices, a move that could deal the struggling global economy another blow and raise pump prices for U.S. drivers.
Of course, the AP also notes that there's the ongoing Russian invasion of Ukraine, which has caused the petroleum market to swing wildly, as parts of Europe and the U.S. continue to enforce a ban on Russian oil.
And Reuters says unexpected refinery shutdowns in Indiana, Toledo, and along the Gulf Coast have also contributed to rising gas prices here in our neck of the woods. However, Gas Buddy's Patrick De Haan says relief might be on the way.
As we inch closer to $4 a gallon, though, at least they're still well below our highest all-time price of $4.75, which we hit on June 15th. Of course, they're also quite a bit higher than the $3.02 a gallon we were paying in Minnesota in October of 2021. Here's hoping they start to come down soon. And keep scrolling to see how much (or little) we were paying for gas the year you first got behind the wheel!