Gas Prices Are High In Minnesota But It Could Be A Lot Worse
The price of gas is driving up the price of nearly everything else too which is forcing a lot of people to make difficult decisions. MarketWatch shared the latest Consumer Tracker which shows, “Nearly half of consumers making less than $50,000 (48.8%) said that they have not only noticed gas prices, but it is “significantly impacting” monthly spend. Nearly 40% of those making $50,000 to $99,999 shared that response.”
According to Triple A the average price of gas here in Minnesota is $4.70 a gallon which is lower than the national average of $4.90, but still really high. Spending close to $5 a gallon isn’t fun, but it could be worse – a lot worse. The high prices at the pump are impacting people all around the world and some countries are paying twice as much or more than we are. See which countries are paying the most to fill up below.
Why Are Gas Prices So High?
It’s a supply and demand issue.
Time Magazine explains, “A number of factors have led to the current situation, including increased demand for gasoline, Russia’s invasion of Ukraine and supply chain disruptions induced by the pandemic.”
If you’re feeling the pain at the pump here, just imagine being in Italy or Hong Kong where they are paying a lot more. See how much other countries are spending on gas below.
CNN says, "There's good news and bad news on the gas prices front. Good news: Some price relief could be on the way. The bad news: It's because traders are betting on a recession.