A gallon of gas in Minnesota is, on average, cheaper than 44 other states right now.
We're paying $1.93 a gallon for regular gas as of early Monday on the AAA Fuel Gauge Report, making it the sixth-cheapest in the entire nation. (For comparison, the national average is at $2.13.)
Monday's price is a 7-cent fall from a week ago, and continues what's been a staggering plummet since September. You're paying $1.35 less per gallon than you were four months ago. (Note: You can check out the average mid, premium and diesel prices by clicking here.)
Take a look at the decline.Here's a look at how it compares throughout the state:
- Duluth: $1.92
- Minneapolis-St. Paul: $1.91
- Rochester: $1.94
- St. Cloud: $1.90
On Twin Cities Gas Prices, a few people had reported snagging as low as $1.66 a gallon in the state (one at a Sam's Club in Fridley, the other a Costco in Coon Rapids).
How do we compare?
Missouri is currently the cheapest at $1.73 for a regular gallon; New York is the most expensive (of the 48 contiguous states) at $2.62 a gallon.
To put that "expensive" gas into perspective: In June, the national average for a gallon bumped up to about $3.68 – Minnesota was about a dime cheaper at the time.
Gas prices have fallen so far, some of the most expensive fuel in the country is still almost $1 cheaper than it was just a few months ago.
How is this affecting things?
The main benefit to the cheap gas prices, some argue, is it means regular people are spending less on fuel – and therefore have more money to spend other places.
But it's not the only thing we've seen be affected.
Here's a look at some repercussions.
- USA Today has a list of "winners" and "losers" when gas is cheap.
- Fortune says that extra money not being spent on gas may help lessen the impact of wages not going up much recently.
- How much exactly? CNN Money says it's about $500 of savings per household. When added up, that's a $62 billion "stimulus injection."
- Car travel in the U.S. has been declining for the past decade or so – but that might change now that gas is cheap, the Washington Post explains.
- NPR reports sales of SUVs, trucks and luxury vehicles have increased since gas prices began dropping.
- Cheaper gas has oil companies on edge, but it's really taken a bite out of the small- and mid-sized oil companies, according to CNBC.