MINNEAPOLIS (WCCO) — Leaves aren’t the only thing dropping this fall, you may have noticed prices at the pump falling too.
Gas prices could be down to $3.25 a gallon by November. In fact, some stations in Minnesota are already close to that.
The average price of a gallon in Minnesota has dropped $0.15 in the past week.
The lowest price in the Twin Cities, according to MinnesotaGasPrice.com, is just $3.29 a gallon Monday morning at the BP and Mobile stations on County Road 11 in Burnsville, Minn. and the Vermillion Pump and Market in Vermillion, Minn.
Minnesota’s average is $3.52 a gallon, which is still nowhere close to a year ago, when it was $2.75 a gallon.
Recent economic worries, lower corn prices and falling crude oil prices are leading to the dip.
Lower prices may turn out to be a boost for the economy, with consumers upbeat about spending less at the pump.
“Anything we can get that will get people to drive out to more places and go to a restaurant more frequently and do more shopping trips, it doesn’t just help the gas station, but it helps these other venues,” said Prof. David Vang of the University of St. Thomas.
Most experts believe that prices will continue to drop for the next two months bringing prices on average down to 3.20 cents on average in the Twin Cities by Thanksgiving.
The lowest prices in the country right now are in Michigan, Missouri and Texas where it’s now less than $3 a gallon.