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Minnesota's gas prices down nearly 70 cents over December 2014 and likely to keep dropping

Average retail gasoline prices in Minnesota have fallen 4.5 cents per gallon in the past week, averaging $1.96 per gallon Nov. 29, according to GasBuddy's daily survey of 2,856 gas outlets in Minnesota.

No pain at the pump
Gas prices Wednesday in Minnesota were 68.6 cents per gallon lower than the same day one year ago and are 29.7 cents per gallon lower than a month ago. (METRO CREATIVES PHOTO)

Average retail gasoline prices in Minnesota have fallen 4.5 cents per gallon in the past week, averaging $1.96 per gallon Nov. 29, according to GasBuddy’s daily survey of 2,856 gas outlets in Minnesota.

This compares with the national average that has fallen 2.4 cents per gallon in the last week to $2.04/g, according to gasoline price website  GasBuddy.com .

Including the change in gas prices in Minnesota during the past week, prices Wednesday were 68.6 cents per gallon lower than the same day one year ago and are 29.7 cents per gallon lower than a month ago.

The national average has decreased 14.1 cents per gallon during the last month and stands 72.9 cents per gallon lower than this day one year ago.

“Gasoline prices over the weekend and holiday were certainly quite cheap compared to prior years and other holidays this year,” said Patrick DeHaan, GasBuddy senior petroleum analyst.

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“While some cities and states may see some slight bumps at the pump in the days ahead thanks to the fallout of the downing of a Russian fighter jet last week, we’re more focused on the upcoming OPEC meeting this coming weekend and the potential implications from any major change in oil production,” he said.

“There are expectations that OPEC will continue to kick the can down the road and not change production levels. If there are surprises either way, it could definitely be felt at the pump and into 2016,” he added.

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