Gas Prices Drift Slightly Lower Ahead of Christmas Travel

(KNSI) — As many prepare to hit the roads to visit family for Christmas, AAA says the national average for a gallon of regular unleaded gas has decreased by two cents per gallon, but increasing crude oil prices could reverse that trend.

Total domestic stocks went down by 700,000 barrels last week, while gas demand went up from 8.96 million barrels per day to 9.47 million barrels per day. In November, President Joe Biden ordered the release of 50 million barrels of oil from the U.S. Strategic Petroleum Reserve in an effort to lower gas prices, which have been steadily climbing since the beginning of the year. Growing demand and tight supply would usually lead to an increase in prices, but the price of crude is fluctuating according to AAA and has led to a slight drop. Crude prices are above $70 a barrel, and, AAA says, if the price of crude continues to go up, so will the prices at the pump.

Last year, during the initial round of COVID-19 lockdowns, gas prices fell sharply due to the decline in demand. Some stations around St. Cloud were selling gas for just over $1 per gallon for regular unleaded.

As of Monday morning, the nationwide average price for a gallon of regular unleaded is $3.308. Minnesota’s average is well below that at $3.089. The average around St. Cloud is $3.061. Last year at this time, we were paying about $2.10 a gallon.

___