FARGO – The average price for a gallon of regular unleaded gasoline jumped 13 cents over the past week to $3.70 on Monday morning in the Fargo-Moorhead metro area, according to automobile club AAA.
That’s up from $3.48 a month ago and $2.82 a year ago.
Gene LaDoucer, spokesman for AAA North Dakota, said gas prices are being driven higher by a sharp rise in crude oil prices as a result of speculative investments fueled by supply uncertainty overseas, the annual change from winter blend to summer blend gasoline and the seasonal price increase as the busy summer driving season approaches.
“Since April and May usually bring higher gas prices, we can expect to see prices continue to move toward $4 a gallon,” LaDoucer stated in an email Monday. “Whether we see a $4 average in North Dakota is yet to be seen. As prices continue to climb, demand will fall, providing a headwind for future increases.”
The current statewide average of $3.772 on Monday was the highest since Sept. 8, 2008, while the Fargo average of $3.694 was the highest since July 26, 2008, LaDoucer said.
Readers can reach Forum reporter Mike Nowatzki at (701) 241-5528
