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Business & Economics

Future of gas prices remains uncertain


Gas prices in South Dakota are 9.6 cents lower on average than a month ago, despite rising just over a cent this past week. A recent survey reports the national average has fallen 3.8 cents per gallon in the past week and 21.1 cents in the past month. 

Patrick De Hann is the head of petroleum analysis at GasBuddy, a Boston-based tech company that conducted the survey.

“We've now seen the national average price of gasoline decline every week for the last month, a feat we most likely would not have expected ahead of summer and given the continued turns in Russia's war on Ukraine,” said De Hann.

He notes the future of oil prices remains uncertain and prices could still spike significantly. 

"A barrel of crude is now $14 higher than it was last week, as the European Union weighs placing harsher sanctions on Russia. This could further tilt the delicate balance of supply and demand in the wrong way, potentially sending oil prices up significantly if implemented," he said. "The path forward at the pump remains murky, however, with many possible outcomes, so motorists should be prepared for a bumpy ride."

GasBuddy surveys nearly 150,000 gas stations nationwide.