Gas prices trending down in Minnesota and Iowa

(ABC 6 News) – According to AAA, prices in Minnesota and across the country have remained steady or have dropped since mid-September, a trend experts say is about supply and demand.

Noting the price spike during the switch to winter blend gasoline is now over. American oil production has also hit an all time high.

“With things going on in the Middle East and so forth. A lot of the entities involved in the supply chain kind of anticipated this,” said Dave Vang, a finance professor at the University of St. Thomas. “So, they kind of started to increase their inventories.”

Here in Minnesota, current averages for a gallon of regular gas now sit at around $3.06 which is down 31 cents from just last month.

In Iowa, average gas prices hovers around $2.93, a 28 cent dip since October.