Local

Gas Prices Continue To Drop In Twin Cities

View Comments
(credit: CBS) Holly Wagner
You may have seen Holly Wagner's live reports on the morning show a...
Read More

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. Sample Swedish Delicacies At The American Swedish Institute
  2. HSSR: 12/19/14 – Gavin Pugh Battles ALS
  3. MN Musician Takes Memoir To The Stage
  4. Kids Ski Free On Sunday At Afton Alps
  5. Raw Footage: Protesters Chant 'No Justice, No Peace' At MOA

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.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 2,386 other followers