Why Do Gas Prices Continue to Rise in Sioux Falls?
There has only been one direction gas prices have been moving lately and that is the opposite of the temperatures. But why is this happening?
The average price of regular unleaded gas in Sioux Falls sits at $2.37 per gallon. That is two cents higher than it was last week and 18 cents higher than one month ago.
Across the state, the news is not better. The current state average is the same as Sioux Falls at $2.37 per gallon, up to three cents from a week ago and 16 cents higher than a month ago.
So why is the price going up? Simple economics.
“For nearly a year, motorists have been saving 53 cents a gallon, on average, when filling up their gas tanks. That extra pocket change is quickly going to dwindle thanks to rising crude oil prices that have made for more expensive pump prices,” said Marilyn Buskohl, AAA spokesperson in a press release.
Oil prices are rising while demand isn't really different in South Dakota since we haven't seen large shutdowns since spring.
On the bright side, we have it better than two of our neighbors. Minnesota's current average for gas is $2.40 while Nebraska is a penny higher at $2.38. Iowa is faring a little better than the rest of us in this corner of the Midwest. Their average price is three cents lower at $2.33 per gallon.
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