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Minnesota gas prices likely to continue falling as oil demand softens

Gasoline prices that continue to fall are giving consumers a present whenever they fill their tank, thanks to a supply glut. Global production of oil continues to soar and demand has softened, sending gasoline as low as $1.74 per gallon in some a...

Gas prices in the metro area are as low as $1.79 a gallon. Carrie Snyder / The Forum
Gas prices in some parts of the state have dropped to as low as $1.79 per gallon. FORUM NEWS SERVICE

Gasoline prices that continue to fall are giving consumers a present whenever they fill their tank, thanks to a supply glut.

Global production of oil continues to soar and demand has softened, sending gasoline as low as $1.74 per gallon in some areas of the state. In Willmar, gas prices vary from $1.89 a gallon to $1.94 a gallon, according to gasbuddy.com. 

Experts predict more of the same as low prices should continue through winter.

“I would expect that we would continue to trend lower and remain near current levels through February or early March,” said Gene Laducer, a spokesman for AAA.

Refineries begin switching to their summer fuel blends in February.

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As a result, prices at the pump often begin creeping up in March and continue to move up until peaking during the summer driving season, Laducer said.

“We’re not expecting to see any significant price increases,” he added.

As of now, he predicts summer gas prices will peak in the $2.60 to $2.70 per gallon range.

Gas prices are about half of what they were a few years ago.

Consumers are unlikely to see gas prices above $3 next year, Laducer said.

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