Gas Prices Continue To Drop In Twin Cities

MINNEAPOLIS (WCCO) — Good news for drivers — gas prices have shifted into reverse.

According to AAA, the national average is now $3.39 a gallon and the price has gone down every day for a month.

In downtown Minneapolis, the price of gas is $3.49 a gallon, which is higher than the national average but about 30 cents cheaper than what it was a month ago.

According to AAA, the average price for regular unleaded in Minnesota is $3.46 a gallon, but a few stations outside of the Twin Cities were selling gas for $3.27 a gallon.

Nationally, gas prices have taken a dip.

Last week, the price of a barrel hit a year low at $75 a barrel. In some states like Iowa, gas is approaching $3 a gallon.

Joel Berlowe of Uptown says prices aren’t where he’d like to see them but they’re better.

“Now it’s nice because I have a little extra spending money. But it hasn’t been enough of a difference for me to notice that much,” he said. “If it goes lower than $3 a gallon, then it may be a different story.”

Akshay Rao, professor of marketing for the University of Minnesota, said the drop in prices is a result of a few things.

The state of the economy – GDP is down, unemployment remains high and consumer confidence is down, which all lessen the demand.

As the demand goes down, so does the price of gas.

So while we’re enjoying the break, Rao said it’s a sign the economy continues to struggle, which is not good.

More from Holly Wagner
  • Tom

    Well I did notice last Wednesday some gas prices were around $ 3.29 then by Thursday gas stations raised the gas priice by 20 cents and know doubt that when that jobs report came out and ti showed about 100,000 jobs created last month gas stations read into numbers that are not there and they saw demand!

    • AAA is not correct!!!!!

      Tom I saw the same thing, some were 3.27 then I get done with work and they were 3.49 just like that. Maybe they should check their sources before they state that prices have dropped everyday in the last month. Not a true statement.

  • alison

    I agree I got gas last Thursday morning before work and after work it went up 23 cents.. In eight hours and now thats where is stays. Doesnt look like when it goes down that it will stay down long before it goes back up.

  • Dave

    October 10, 2011 …Wholesale prices for big-selling Jif are going up 30% starting in November, while Peter Pan will raise prices as much as 24% in a couple weeks. Unilever wouldn’t comment on its pricing plans, but a spokesman for Wegmans Food Markets, the closely held supermarket chain in the Northeast U.S., said wholesale prices for all brands it carries, including Skippy, are 30% to 35% higher than a year ago.

    Kraft Foods Inc., which launched Planters peanut butter in June, is raising prices 40% on Oct. 31, a spokeswoman said.

    Wholesale prices for Jif, on display at a Costco in Arlington, Va., are to climb 30% starting in November.

    (Blame the weather for prices going up. More convenient than saying $dollar being devalued, so people have to pay more for stuff.)

    • Sally

      say what? This is about gas not peanut butter

  • Sean

    Keep the demand for gas down and the price will steadily decline. Time for everyone to buy fuel efficient cars, take the bus, carpool, etc.

    • Wayne

      Time to drill. And drill. And drill. More oil. Lower gas prices.

      • Jim

        How about more fuel efficient cars AND more oil? Too logical? Not partisan enough?

      • Drill, drill, drill and DRILL!!!

        @Wayne you have it correct sir, drill, drill, drill and then drill some more then when I fill up my 36 gallon tank on my 19 mile per gallon truck then drill some more darn it.

  • Renee

    we have all really become brainwahshed when we think that $3.29 per gallon is good.

    • dumbing down the populace

      Yep – the puppetmasters have done a great job of brainwashing Americans.
      And we have it coming if we willing to accept their spin

      • See BS

        Isn’t it funny — During Reagan and Bush Sr, everyone was driving small economy cars.

        And then Clinton handed out “Clean Air Act” Waivers, so stupid people could pretend 50 gallon tanks in SUV’s and gasoline taxes had nothing to do with the budget surplus during the 90’s.

        Clinton was the first President in history to release the strategic oil reserve during peacetime.

  • Bob Moffitt

    I took a closer look at the photo used to illustrate this story. That’s diesel, not gasoline, going in that vehicle.

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