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ND Gas Prices Drop by Nickel

The average gas price in North Dakota has fallen 5.3 cents per gallon in the last week, according to a survey of 493 gas stations in the state by analysts at GasBuddy. Prices in Minot dipped below $3 per gallon at some pumps.

The state average on Tuesday was hovering at $3.01 per gallon. The cheapest prices reached $2.64 per gallon, with the highest topping out at $3.89 per gallon of regular unleaded.

“We’ve barely eked out a drop in the national average over the last week, extending the streak to 11 straight weeks of decline, even as some states have seen prices jump, while others have seen prices continue to inch lower. Motorists can blame the OPEC+ meeting for causing oil to jump early last week and then plummet late last week,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in explaining the volatility in gas prices. “The good news is that as the dust settled, OPEC+ agreed to barely move the needle, deepening their production cuts by an additional 900,000 barrels per day in 2024, with Saudi Arabia extending their own million barrel per day cut through March. However, that wasn’t enough to offset concerns of falling global demand, which pushed oil back down to below $73 in Sunday night trading, giving hope that the national average still could fall to $2.99/gallon by the end of the year.”

Source : Minot Daily News