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Expert: Gas Prices Have Peaked

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(credit: CBS)

(credit: CBS)

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MINNEAPOLIS (WCCO/AP) — Want to hear some good news about gas prices for a change? It looks like gas prices in the Twin Cities have peaked.

Yes, we’ve set a record high for five straight days, but the current price of $4.31 a gallon is a penny lower than the day before and now there’s word that fuel from refineries on the Gulf coast will soon be diverted to the Upper Midwest.

“So, we do expect a slight decline to start perhaps later this week or early next week, with more significant declines by the middle of June,” AAA’s Gail Weinholzer said.

NewsRadio 830 WCCO’s Steve Murphy Reports

The fuel is being diverted to this region because we have the greatest need, with the highest prices in the nation.

A new survey finds Minneapolis has the highest gas prices in the Lower 48 states at $4.27 per gallon. The average U.S. price of a gallon of gasoline has jumped 11 cents over the past two weeks.

The Lundberg Survey of fuel prices released Sunday says, of the cities surveyed in the Lower 48 states, Tucson, Ariz., has the nation’s lowest average price for gas at $3.18.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved.This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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