May be a good time to hit the road
Gas prices remain low as holiday weekend approaches
MARSHALL — While many firework displays have been canceled, motorists may be drawn to hit the road this Independence Day weekend by the lowest July 4 gas prices since 2004, according to GasBuddy.
With concerns of a new wave of COVID-19 cases, oil prices have recently turned south, which could lead the national average to cease rising for now, keeping the holiday weekend under 2017’s level of $2.22 per gallon, thus resulting in the lowest prices in at least 15 years.
In Marshall on Monday, the price per gallon for regular unleaded is 2.19 at most of the stations.
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that demand for gasoline remains weak even as states reopen for business amid the coronavirus pandemic. She said prices at the pump may slow soon.
“2020 continues to be anything but a normal year, and low gas prices have persisted into summer’s unofficial halfway point, Independence Day. While gasoline demand has continued to rebound, there is anxiety about the recent surge in new coronavirus cases in the U.S., and that could prevent gas prices from seeing a continued rebound. However, we’re currently in the midst of the lowest summer gas prices we’ve seen in some 15 years,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For now, expect a roller coaster ride at the pump, but conditions to socially distance and hit the road remain ripe for those able to do so. Prices in all 50 states remain well-below year-ago levels, but should the coronavirus situation improve significantly, gas prices will follow. At the end of the day, I expect this summer to have been the cheapest in well over a decade, so pack your bags, masks and hand sanitizer and hit the road.”
Minnesota gas prices have risen 5.1 cents per gallon in the past week, averaging $2.11/g today, according to GasBuddy’s daily survey of 2,856 stations. Gas prices in Minnesota are 21.8 cents per gallon higher than a month ago and stand 47.7 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Minnesota is priced at $1.79/g Monday while the most expensive is $2.29/g, a difference of 50.0 cents per gallon. The lowest price in the state Monday is $1.79/g while the highest is $2.29/g, a difference of 50.0 cents per gallon.