Gas for as little as $1.72 in Twin Cities as prices hit 6-year low

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It's been six years since Minnesota experienced gas prices this low, with pump prices in some parts of the state almost down to $1.70 per gallon.

 The lowest gas prices in Minnesota as of 10:30 a.m. Thursday. (Photo: GasBuddy.com)

The lowest gas prices in Minnesota as of 10:30 a.m. Thursday. (Photo: GasBuddy.com)

According to GasBuddy.com, the average price for regular gas in Minnesota currently stands at just under $1.93 a gallon on Thursday, which is down from $2.27 a month ago and just under $2.50 a year ago.

Drivers looking for the cheapest fuel should head to Costco in Coon Rapids or Maple Grove, where prices currently stand at $1.72 per gallon, as they do at the Marathon station in Champlin.

The Duluth News Tribune reports national prices have plummeted to their lowest point since 2009, reaching around $2.01 on Wednesday.

Midwest states in particular are benefiting because of an increase in gasoline supply coupled with refineries processing "deeply discounted crude oil" from Canada, the newspaper notes.

AAA says these supply factors are coming during the winter months, when pump prices have historically moved lower because demand for gasoline falls.

The motor club notes refinery production continues to outpace 2014 and current demand and inventories are growing, which are likely to keep gas prices "relatively low" going forward.

CNBC reports consumers benefiting from gas savings are now more likely to loosen the purse strings this holiday season, which in turn could be good news for the retail sector.

The news organization says earlier this year Americans were being more cautious with their gas savings as they expected prices to rocket during the summer, but the fact prices didn't rise as much as they'd expected is giving them more confidence this winter.

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