Minnesota gas jumps to $4.59 as economist says no relief until 2027

Added: 2026-05-17

[00:00:01].

[00:00:01]>> GAS PRICES ARE SPIKING ACROSS MINNESOTA. THE STATE AVERAGE, ACCORDING TO TRIPLE A, IS NOW 436 A GALLON. THAT'S $0.20 HIGHER THAN YESTERDAY.

[00:00:11]>> KAMARIA BRAYE ASKED AN ECONOMIST WHEN MINNESOTANS MIGHT SEE RELIEF AT THE GAS PUMP.

[00:00:16]>> SHE'S LIVE IN MINNEAPOLIS.

[00:00:17]>> WITH THAT KAMARIA.

[00:00:20]>> WELL, KEVIN AND LINSEY, YOU DON'T HOLD YOUR BREATH FOR THAT RELIEF. PEOPLE PUMPING GAS BEHIND ME. THEY ARE FEELING IT.

[00:00:26]AND AT THIS SPEEDWAY THE AVERAGE THE GAS PRICES ARE AT 459. THAT IS HIGHER THAN THE STATE AND THE NATIONAL AVERAGE. AND PEOPLE WE'VE TALKED TO TODAY SAY THEY'RE HAVING TO MAKE SACRIFICES IN ORDER TO KEEP UP WHEN IT COMES TO GAS PRICES, I DON'T APPRECIATE IT AT ALL. THE DRIVERS, IT IS EXPENSIVE, ARE FEELING THE PAIN WITH EACH PUMP.

[00:00:48]>> YEAH, THIS WAS UNEXPECTED. I THINK FOR THE PRICE IS GOING UP SO HIGH.

[00:00:53]>> WE'VE BEEN SEEING THOSE NUMBERS CREEPING UP HIGHER AND HIGHER AND HIGHER EACH WEEK.

[00:00:58]>> THIS IS THE MOST WE'VE HAD TO CHANGE GAS PRICES.

[00:01:01]>> KELLY MAGNUSON OWNS THE MIDNIGHT MARKET IN HOPKINS, A SHELL STATION THAT MADE THE JUMP. 459 WHEN DID YOU ALL CHANGE IT TO THIS PRICE?

[00:01:11]>> YESTERDAY.

[00:01:11]>> YESTERDAY AFTERNOON.

[00:01:13]>> AND WHAT WAS IT BEFORE FOR 425? SHE SAYS SHE STAYS IN RANGE WITH COMPETITORS, AND WE SAW OTHER STATIONS POSTING THE SAME NUMBERS. ACCORDING TO TRIPLE A, 459 IS ABOVE THE STATE AND NATIONAL AVERAGES. SO THIS BIKING GRASS GAS PRICE IS GOING TO CONTINUE TO BE WHAT'S HAPPENING IN IRAN IN THE STRAIT OF HORMUZ, TYLER SCHIPPER, AN ECONOMIST WITH SAINT THOMAS UNIVERSITY, SAYS, DON'T EXPECT A QUICK DROP. PEOPLE SHOULDN'T ACTUALLY EXPECT GASOLINE PRICES TO BE BACK DOWN TO WHERE THEY WERE AT THE BEGINNING OF THE YEAR, UNTIL AFTER 2027, SO WE COULD BE TALKING ABOUT 18 MONTHS TO TWO YEARS BEFORE WE START SEEING GASOLINE PRICES LIKE THEY WERE AT THE BEGINNING OF 2025.

[00:01:54]AND THERE'S WORRY.

[00:01:56]>> I'M HOPING WE DON'T HIT THAT $5 MARK OF THAT AND BEYOND.

[00:01:58]>> I THINK THAT'S A LEGITIMATE FEAR. I THINK AS LONG AS THERE IS STILL THE CONFLICT THERE, THERE IS CERTAINLY STILL A POSSIBILITY THAT OIL PRICES AND GASOLINE PRICES CONTINUE TO RISE.

[00:02:06]>> AND IN THE MEANTIME, SOME DRIVERS ARE MAKING SOME SACRIFICES.

[00:02:10]>> I'LL PROBABLY HAVE TO HAVE ONE BEER LESS TODAY AT THE AT HAPPY HOUR.

[00:02:18]>> YEAH, THAT'S A BIG SACRIFICE RIGHT THERE. AND SOME GAS STATIONS LIKE THE GAS STATION BEHIND ME ARE CREEPING UP TO LEVELS WE HAVEN'T SEEN SINCE 2022. THAT'S WHEN GAS IN MINNESOTA WAS AT $4.4. AND $0.7.

[00:02:30]I'M KAMARI