Less pain at the pump Minnesota gas prices fall - Axios Twin CitiesLog InLog InAxios Twin Cities is an Axios company.

Less pain at the pump Minnesota gas prices fall

Data: ; Chart: Axios VisualsMinnesota drivers are feeling more relief at the pump this month as . Driving the news: The average price per gallon of regular gas in Minnesota hit $3.68 last week, , down 20 cents from Aug. 22, and more than $1 from peak prices in June. Why it matters: Falling prices nationwide are alleviating some of the summer's inflation-driven pain, .According to AAA, the national average for a gallon of regular gas was $3.74 on Friday, more than 25% lower than the June peak. Flashback: On June 13, the average price of a gallon in Minnesota hit $4.75. Zoom in: AAA's data suggests prices remain slightly higher in the Twin Cities, where a gallon will cost you $3.70 on average. But several stations in Buffalo and Hastings . Between the lines: Soaring prices this summer set the stage for the cost of gas to be a top issue in the midterm campaigns, as Republicans hammered Democrats on one of the most tangible effects inflation has on voters' personal finances.Dropping prices could soften the blow of those attacks against President Biden and Democrats, including in top Minnesota races. Yes, but: The prices are still a lot higher than this time last year, when EIA data shows Minnesotans could expect to fill up for under $3 a gallon. What we're watching: Futures prices for the wholesale gasoline benchmark "reformulated blendstock for oxygenate blending," , are down more than 10% over the last 10 trading sessions, Phillips notes.That suggests lower retail prices are still to come. What's next: The next monthly Consumer Price Index report comes out this morning.Those figures could give a better sense of what the lower gas prices mean for overall inflation. Get more local stories in your inbox with .Subscribe Support local journalism by becoming a member.

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