The Truth Behind Why Gas Prices Are So High Right Now in Minnesota
Gas prices jumped up significantly late last week in Minnesota, and we now know what caused them to increase so quickly-- and when they might come down again.
Complaining about the high cost of gasoline ranks right up there with complaining about the weather here in the Land of 10,000 Lakes, right? And when the price of gas increases between 50 cents to a dollar a gallon-- like it did last Thursday, Sept. 7th, 2023-- it would be nice to know what happened.
And, don't be fooled, prices right now ARE high here in the Bold North. According to a post on X (formerly Twitter) by GasBuddy's head of petroleum analysis, Patrick De Haan:
Minnesotans are seeing the largest premium to the national average in over 10 years, going back to June 3, 2013, at 21.1/gal. It is rare to see MN above the national average and a sign of the refinery issues in the region.
GasBuddy had previously reported that refinery outages were to blame for those massive overnight increases in prices here in Minnesota, as well as in Iowa, Nebraska and several other states as well. But why does that happen?
GasBuddy explains: "Wholesale gasoline prices in the region were up nearly $1 per gallon from a week ago, meaning that retailers who buy new supplies of gasoline will likely have to raise their price substantially to avoid losing money."
READ MORE: Thousands of Minnesotans Facing New $200-$300 Monthly Payment
This is exactly what we saw happen here in the Gopher State late last week when prices suddenly jumped up around 50 cents a gallon. But De Haan says there IS good news, though: Those prices should be coming down soon-- and by a decent amount, as refineries switch over to the 'winter' gasoline later this week or weekend.
According to De Haan, those price decreases will likely occur across the country, including here in our neck of the woods, as long as Mother Nature doesn't disrupt things with future hurricane activity in the Gulf of Mexico. "Fall tends to bring falling gas prices, and I'm hoping this year won't be any different," he noted.
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