Gasoline prices in Minnesota down 40 cents compared to the same period last year

MINNEAPOLIS — Gas prices are relatively low, making it a great time for a summer road trip.

According to AAA, the average price per gallon in Minnesota is more than 40 cents lower than it was at the same time last year.

Data from GasBuddy shows that prices in Minnesota appear to have settled at around $3.30 to $3.37.

“Right now, they are historically low compared to recent history,” said Dave Vang, a finance professor at the University of St. Thomas.

According to Vang, two things are driving the lower prices: a healthy global oil supply and the fact that Minnesota refineries operate at full capacity during the summer.

“We can probably expect a jump sometime in the fall, partly as Minnesota refineries have to switch to winter blends. But looking into my crystal ball, I wouldn’t be surprised if there is some geopolitical turmoil soon that could impact global supplies,” Vang said.

According to GasBuddy, the cheapest gas near the Twin Cities as of Sunday night is at Kisch Oil in Dayton near Maple Grove. At $3.00 per gallon, it’s about 45 cents cheaper than average.