Could Gas Prices Now Top $4 a Gallon in Rochester?

Gas prices were already rising before the latest incident in the Middle East, but could they now top the $4 a gallon mark again in Rochester?

Gas Prices in Rochester Headed Toward $4 a Gallon After Iran Strike

Prices increasing on gas pumps around the Land of 10,000 Lakes is something that happens every spring, as refineries here and across the country get ready to switchover to refining different varieties and blends for the summer driving season.

And while the calendar just flipped over to March two days ago (and spring won't officially arrive for a few weeks yet, you might have noticed that prices at the pump have jumped quite a bit in the last few days here in southeast Minnesota. And that is due mainly to the Trump administration's attack on Iran, which happens to be one of the largest oil-producing countries in the Middle East.

Middle East Conflict Expected to Push Minnesota Gas Prices Higher

But just how high will they go during this latest incident? According to Marketwatch, this attack likely *will* increase prices:

Without a doubt, the Iran attack looks to be the biggest pricing event for gasoline since the Russian invasion of Ukraine in 2022, said Patrick De Haan, head of petroleum analysis at GasBuddy.

Of course, we're used to seeing swings in gasoline prices. One not-so-horrible thing about the pandemic back in 2020 was that when everything shut down-- both here in Minnesota and across the globe-- demand for crude oil fell. And so did gas prices here in the Bold North, which hit a low for that year in mid-April 2020 of around $1.65 a gallon.

Then, on the other end of the spectrum, fueled by Russia's war with Ukraine, inflation, and other factors, gas prices skyrocketed just a few years later, hitting a record high of $4.75 a gallon in the North Star State on June 15th, 2022. Ouch.

How High Could Gas Prices Go in Rochester This Time?

This time around, De Haan and GasBuddy said he doesn't think these attacks will be on the level of the 'superspike' that happened four years ago, and prices are already increasing. Here in Rochester, many stations are selling a gallon of unleaded for $3.29 a gallon.

That's a 10-cent increase from yesterday, and nearly 30 cents higher than a week ago. Overall, GasBuddy is predicting we could see prices jump by another 25 or 50 cents or more per gallon as a direct result of this latest action. That would bring Rochester's price to around $3.80 a gallon-- or higher. Could $4 a gallon be on the horizon?

Hopefully not, but at this point, even the analysts aren't exactly sure-- only time will tell. But speaking of gas prices, do you remember how cheap they were when you first started driving? (What did we do with all that extra money back then?!?) Keep scrolling to take a walk down memory lane and check out the price we paid when you first got your driver's license!