Gas prices go down for the first time in weeks

Published: Aug. 28, 2023 at 2:36 PM CDT
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ROCHESTER, Minn. (KTTC) – Gas prices in Minnesota have decreased by 7.9 cents last week, averaging $3.65 per gallon.

This price drop is after seven straight weeks of price increase.

GasBuddy’s Head of Petroleum Analysis Patrick De Haan says this is related to an economic slowdown in China.

Since China is the 2nd largest oil consumer, the slowdown depresses oil prices, causing gas prices to go down.

With fall coming soon, De Haan says the end of the summer driving season plays a role in the price decrease.

He also says this price drop may be short-lived. This is because there may be possible disruptions due to a fire at the nation’s largest refineries.

”I am not really sure this week if we will see prices hitching up or potentially decline, given how much news there is kind of on both sides of the spectrum, both pushing prices up and prices down. So, it’s gonna be a volatile week. All in all, if you are hitting the road for Labor Day, it may not be a bad idea to fill up mid-week, before potential increases happen later in the week.”

GasBuddy's Head of Petroleum Analysis Patrick De Haan

De Haan says that even though gas prices are falling, diesel prices are continuing to go up.

He says it is currently at its highest since March and will increase further with colder weather.