There’s Good News If You Buy Gasoline in Southeast Minnesota
We might be paying more at the pump than in the last few years, but there is some good news on the way when it comes to filling up here in southeast Minnesota.
I always get a kick out of those national reports that tell us why we're going to pay more for gas-- the Big Oil companies seem to have an excuse to raise prices, no matter what time of year it is.
In the spring, prices increase due to the 'switchover to the summer driving season'-- which also increases demand. Then, in the fall, it's the 'ramp up to the winter season' that seems to increase prices. And, of course, there's the possibility of severe weather interrupting refining going on along the Gulf Coast as we enter hurricane season.
I did a little research, and according to this CSP oil and gas industry news site, we ARE paying more at the pump this year than we did in 2017 at this time. In fact, it says prices are about 53-cents higher this year than last year in mid-August.
Gas Buddy says the average price in Rochester right now is between $2.67 and $2.75 a gallon. Which means, of course, that last year we were only paying around $2.14 to $2.22 a gallon as we filled up the tank to head up to the Minnesota State Fair.
But, here's the good news: this CSP story says our current prices are probably the highest we'll see, noting that capacity in U.S. oil producers has increased, while demand has decreased-- which means lower prices are probably headed our way.
"Assuming oil prices stand pat or erode further, and U.S. gasoline supply remains in surplus relative to demand, retail gasoline prices may fall by a few—or several—cents per gallon in coming weeks," the site said.