Business and Economic News

Gas prices continue to rise in Minnesota, across the country

A sign showing the price of gas at a gas station
A gas station in St. Paul was selling regular unleaded gas for more than $3.34 a gallon on Thursday morning. The average price of gasoline in Minnesota has jumped by more than 30 cents a gallon over the past week.
Andrew Krueger | MPR News

Gas prices in Minnesota continued to climb on Thursday amid the ongoing military conflict in the Middle East — though the pace of that increase has slowed from earlier in the week.

AAA reported that the average price of gas in Minnesota on Thursday was just over $3.11 a gallon. That’s up about 4 cents from Wednesday, and up more than 30 cents over the past week.

The average price spiked nearly 17 cents in a single day earlier in the week. It’s now about a nickel a gallon more than this time last year.

There is significant variation across the state. AAA reported an average price of about $3.18 a gallon in the Twin Cities on Thursday, and more than $3.20 in Rochester. But it remained below $3 a gallon in Moorhead.

The national average on Thursday was about $3.25 a gallon, up nearly 27 cents over the past week.

AAA reported that springtime usually brings higher gas prices because of increased demand, and also because of the start of summer-blend gasoline production — which includes more-expensive additives.

But the conflict in the Middle East has now sent oil prices even higher.

“The last time the national average made a similar weekly jump was back in March of 2022 during the start of the Russia/Ukraine conflict,” AAA reported Thursday.