South Dakota is seeing gas prices decline, but how long will it last?
Now that tourism season in the Black Hills is trickling down, gas prices are expected to follow that trend.
RAPID CITY, S.D. (KOTA) - Nationally, gas prices have stayed high this summer while people are set on traveling and heading outside after the pandemic lockdowns of 2020.
While people travel in their vehicles, they will need gas which increases the demand for fuel and, in turn, raises gas prices.
“We’ve seen a lot of hotspots across the country, motorists and people are trying to get outside more so because that’s viewed as safer, so areas like South Dakota have really seen an uptick in gasoline consumption,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
Now, with the transition into fall and tourism season subsiding, gas prices are beginning to lower.
South Dakota gas prices have fallen in the past week, averaging $3.13 per gallon according to GasBuddy’s research compiling 628 gas stations in the state. The national average price of gas has fallen to $3.12 per gallon in the last week.
This is a trend the Black Hills experiences annually this time of year due to the high amount of visitors in the summer.
“Gas prices tend to be lower during the off-seasons, fall and winter, they tend to go up in spring ahead of the summer driving season that’s because we switch to more expensive fuel and that lasts through the summer and demand starts to go back down and prices start to go back down, of course barring any outside factors that could drastically change supply and demand,” said De Haan.
For example, right now the southeast part of the country is enduring Hurricane Ida which has shut down a significant number of refineries in Louisiana. With that cut in the gasoline supply, De Haan says it could result in gas prices going up 5 to 15 cents nationally in the next couple of weeks.
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