Gas prices lower, but too early to say what fall and winter will bring

Minnesotans going into the Labor Day weekend are seeing gasoline prices about $1 per gallon lower than the all-time peak in mid-June.

AAA’s Meredith Mitts says the global energy situation has stabilized somewhat despite the war in Ukraine, plus fear of global recession put the brakes on demand, resulting in lower oil prices.

“People were starting to drive less. The inflation got too high and was starting to hit the wallets… a little bit too hard,” Mitts says.

Mitts adds the biggest concern about gasoline prices going into the fall and winter is hurricane season.

“The storms that can hit the Gulf would affect oil production in some of the refineries, and that could impact what our gas prices look like.”

Minnesota News Network