15 July 2021

For the first time in more than six years the average price for a gallon of regular gas hit $3 earlier this week for Minnesota and today in Iowa.

Iowa’s $3 average today is up 14 cents from one month ago and 90 cents from this time last year; however, it remains 15 cents below the national average of $3.16, according to AAA.  The last time Iowa motorists paid a statewide average of $3 for gas was Nov. 7, 2014.

Minnesota;s $3.01 average today is up 15 cents from one month ago and 91 cents from this time last year; however, it remains 15 cents below the national average of $3.16 according to AAA. The last time Minnesota motorists paid a statewide average of $3 for gas was Nov. 5, 2014.

Fuel prices have moved higher on a sharp increase in the cost of crude oil.  Crude oil prices (WTI) recently traded above $76, a level not seen since November 2014.  The price for a barrel of oil today is just above $72.60, bringing some hope that prices at the pump may soon peak.

“Robust gasoline demand and more expensive oil have pushed gas prices higher,” said Meredith Mitts, public affairs specialist for AAA-The Auto Club Group.  “An increase in crude oil production to meet growing global demand is needed to bring some relief to motorists.”

A rebound in WTI back above $76 could increase gas prices by 10–20 cents or more, added Mitts.

As of today, Iowa motorists can still purchase gas for less than $3 at 70 percent of gas stations and Minnesota motorists can do the same at 73 percent of stations.

For more information on gas prices and a gas price calculator for trip planning, visit www.AAA.com/gas.

 

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.