MINNEAPOLIS (WCCO) — Oil prices are at a seven-year low. The price of a barrel fell to $37 Monday. That follows OPEC’s decision last week to keep pumping at current levels.

Supply is currently outpacing demand by about a million and a half barrels a day, as Saudi Arabia and other nations continue trying to push higher-cost producers out of the market.

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That is driving down gas prices.

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Meanwhile, in Minnesota, the statewide average fell again overnight to $1.96 a gallon, but many stations are even cheaper. A month ago, the average was $2.26 a gallon.

Analysts expect oil to remain relatively cheap well into 2016, and maybe longer.

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Cheap oil also means lower heating bills. The average household using heating oil will spend 1,360 dollars this winter, down nearly $500 dollars from last winter.