An 18-cents-a-gallon increase in the price of gasoline in the Twin Cities today has — at least momentarily — created a situation we haven’t seen in months… possibly years — gasoline prices higher than the national average. The big players are all charging around $3.85 to $3.89 a gallon this afternoon.
According to the Associated Press:
At the pump, meanwhile, the average national price of a gallon of regular gas rose 0.7 cent overnight to a record $3.807 a gallon, according to a survey of stations by AAA and the Oil Price Information Service.
Up until today, Upper Midwest per-gallon gasoline prices have been well below the national average, largely on the strength of the use of an ethanol blend.
Many retailers haven’t caught up with the new price reality. In many cases, retailers cap pay-at-the-pump sales to a maximum of $50. That wasn’t a big deal as recently as 6 months ago, but now it’s becoming more common to have to run your credit card twice to fill up your tank.
And the major credit card companies don’t allow gasoline sales of more than $75 at a time.