This morning (June 3), gas prices in Minnesota hit an average of $4.50 a gallon — a record milestone, according to CBS. They jumped 11 cents over the last day, and 28 cents over a week. The national average is $4.76 a gallon.
There are a few reasons why gas prices are getting so high, one of them being Russian's invasion of Ukraine, according to CNN. Russia is one of the largest oil exporters on the planet. Although very little of their oil actually went to the U.S., oil is priced on global commodity markets, meaning the loss of Russian oil affects prices around the globe.
Another reason is an increase in demand for gasoline. Not only did the United States economy have record job growth in 2021, but many people are returning to the office after working from home for the last two years due to the pandemic.
In addition, hurricane season is on its way. Analyst Patrick DeHaan from GasBuddy.com warns that severe weather in Texas and the Gulf of Mexico can shut down refineries and hurt supplies, which would drive up prices in a normal year.
"Keep in mind, with supplies very tight and oil prices very high, we're coming into a very charged atmosphere," DeHaan said (via WCPO 9). "And I'm not just referring to hurricane season, which is likely to be above average."
"If there is a summer, I dare say from hell, when it comes to gas prices, this could be it," he added.