Gas prices in Minnesota predicted to see big spike over coming days
Sep 09, 2023 03:50AM ● By EditorCBS News Minnesota - September 8, 2023
Gas prices in Minnesota are predicted to increase by 50 cents to $1 over the coming days.
According to fuel savings platform GasBuddy, prices are expected to rise in much of the Corn Belt and a refinery outage may be to blame.
"The details on the outage generally lag the response we see in wholesale gasoline prices, due to the nature of these situations," said Patrick De Haan, head of petroleum analysis at GasBuddy. "A refinery that goes down has contractual obligations to supply certain volumes of gasoline to stations. If an unexpected outage happens, the refinery that goes down suddenly may not have enough supply to meet its obligations and has to find another refinery to buy from. This can push prices up considerably, as a refinery could be a very large buyer."
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