Minnesota Gas Prices Should Stay Steady in 2020
There's good news when you head to the pumps in Minnesota this year.
That's because those days of paying over $3 a gallon when you fill up are becoming a distant memory here in the Land of 10,000 Lakes-- and are likely to stay that way for most of 2020.
According to this USA Today story, in fact, we'll be paying an average of about $2.60 a gallon across the country throughout this new year for regular unleaded. Which, though more than last year, is still comparatively low. But then again, we're used seeing prices in this neighborhood; the last time prices climbed above $3 a gallon was now almost 6 years ago, back in 2014.
So what's behind these 'low' prices? Well, it's our increased production here in the U.S. USA Today said, "The main reason is the nation's oil boom, coupled with increases in output in other countries. U.S. oil production spiked 38.6% from 8.84 million barrels a day in 2016 to 12.25 million in 2019 and is likely to rise to 13.18 million in 2020," the story noted. And, the story also said we produced so much oil that we exported more than we imported back in September-- the first time that ever happened.
According to GasBuddy, you can fill up for about $2.42 a gallon for regular unleaded in Rochester as of January 3rd. That's not bad, but it's still more than a year ago, when the U.S. Energy Information Administration a gallon of unleaded was selling for only $2.05 a gallon.
And while prices should still stay below $3 a gallon, USA Today said there will no doubt be some sharp spikes this year-- especially in May, leading up to Memorial Day, when prices could jump as high as $2.84 a gallon. You can read more about the 2020 energy forecast HERE.