Gas prices continue to fall in Minnesota with stations selling a gallon for less than $3 on average as peak Thanksgiving travel neared.
Minnesota gas prices fall to lowest for Thanksgiving travel since 2020
The average gas price statewide leading up to Thanksgiving week is the lowest seen in the past four Novembers, according to GasBuddy.com.
The Minnesota Star Tribune
November 24, 2024 at 11:02PM
On Sunday, the average price for a gallon of gas in Minnesota was about $2.86, according to GasBuddy.com and AAA, which both track daily gas prices. Prices have fallen for the past six weeks in the state, dropping to the lowest average seen in late November since 2020.
The statewide average is about 23 cents cheaper than a year ago, according to data tracked on GasBuddy. The average in the Twin Cities metro was slightly higher at $2.89.
Minnesota’s gas was less expensive than the nationwide average of $3.02 on Sunday afternoon. In a Nov. 17 news release, GasBuddy predicted the national average could fall to about $2.98 per gallon before Thanksgiving.
“Americans are eager to get back on the road and visit loved ones this Thanksgiving, with the vast majority choosing the flexibility and convenience of driving, as gas prices have fallen below $3 in over half of the nation’s states,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in the release.
De Haan said prices had fallen “nearly 70 cents from the summer high to their lowest level since 2021, and should provide some relief for Thanksgiving travelers. We expect prices to remain seasonally low leading up to the holidays, making road trips a more affordable option for millions of Americans.”
AAA has attributed the drop in gas prices to lower demand, seasonal trends and increased oil production.
In Minnesota, AAA said Pennington County had the lowest average price at $2.57 per gallon and Dodge County had the highest at $2.99.
Minnesota ranked as the 21st cheapest state for average gas prices on Sunday, according to GasBuddy. But its statewide average was slightly higher than in neighboring states. In Wisconsin, a gallon of gas cost $2.85, followed by North Dakota at $2.80, South Dakota at $2.78 and Iowa at $2.75, according to GasBuddy.
AAA predicted record-setting travel this Thanksgiving when an estimated nearly 80 million Americans are likely to travel more than 50 miles or more. That would be an all-time high for the holiday and roughly 1.7 million more travelers than last year.
The organization also expects travel by car to beat records in Minnesota and nationwide.
The higher numbers are “driven by economic growth, declining inflation, and strong income gains, which is expected to boost consumer spending by 4.6% compared to this time last year,” the AAA said.
The organization said Minnesota’s average gas price was $3.11 a gallon on Thanksgiving Day last year. The national average was $3.26.
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