Gas is under $2 a gallon in Sioux Falls – and MN isn't far behind

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If you can't believe how cheap gas is getting in Minnesota, wait until you get a load of what's across the border in Sioux Falls.

Drivers in the South Dakota city can now fill up for less than $2 a gallon, with one gas station offering regular unleaded for $1.94, according to GasBuddy.

Local residents seem to be enthusiastic about the drop:

South Dakota joins at least three other states – South Carolina, Mississippi and Alabama – where gas fell below $2 a gallon this week, according to AAA's Fuel Gage Report.

But you don't have to drive across the border (and burn up gas) to get a great deal at the pump; Minnesota has an average per-gallon price of $2.23 for regular, about 10 cents lower than the national average, AAA numbers show.

While that might sound like a big jump from the Freedom gas station's $1.97, GasBuddy shows at least 15 spots in Minnesota selling for under $2.10, with a station in Champlin boasting $2.04 per gallon.

The national average is about $2.30 a gallon.

This reflects continually dropping oil prices, which the New York Times earlier this month attributed to "the simple economics of supply and demand." The U.S. has doubled its oil production over the last six years, while increasingly fuel-efficient cars and other factors have led to lower demand (and prices) for gas.

While there is an economic downside to the break you're getting at the pump – like hundreds of thousands of layoffs in the oil industry – the Times assures us that prices won't rise again "anytime soon."

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