Seasonal Rise In Gas Prices Minimized By Concerns Over Economy

UNDATED (WJON News) -- The average price of gasoline in the U.S. is the lowest it has been in March since 2021 when the pandemic significantly reduced demand.

Gas Buddy says this time around caution is playing a key role in keeping prices lower with uncertainty over tariffs. Concerns about the direction of the economy could have a major influence on fuel prices in the months ahead.

Also, OPEC announced last week that it would gradually begin restoring oil production after nearly two years of cuts, adding further downward pressure on oil prices.

Gas Buddy says the result is the typical seasonal rise in gas prices may be considerably smaller than expected.

Average gasoline prices in Minnesota have risen 5.8 cents in the last week, averaging $3.00 per gallon. The national average price of gasoline has fallen 0.6 cents, averaging $3.03.