What’s Behind The Recent Drop In Sioux Falls Gas Prices?

I wouldn't break out the party balloons and champagne quite yet, but in case you hadn't noticed, the price of gas around the Sioux Empire is finally starting to tap the brakes, and come down a little. And these days, we’ll take a win wherever we can get one, especially when it comes to filling up your gas tank.

After months of wincing at the pump like you just stepped barefoot onto one of your kids' Legos, there’s a bit of relief finally beginning to show up. According to Dakota News Now, the national average for a gallon of gas dropped nearly 20 cents over the past week, landing at $4.26 as of June 1. Closer to home, Sioux Falls is sitting just under that dreaded $4 mark, with unleaded averaging about $3.98 per gallon.

You read that right, three dollars and something. It’s not exactly 2019 prices, but it’s progress.

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Across the country, about 15 states are now seeing averages dip below $4, and while South Dakota is flirting with that line, it’s still a welcome sight for anyone making their usual Kwik Star, Hy-Vee, or Casey’s run.

So what’s behind the slight break at the pump?

An expert from Gas Buddy says it’s tied to growing optimism about a possible U.S.-Iran agreement, which could help stabilize global oil supplies. Meaning, less uncertainty equals less panic pricing.

But before you start planning a cross-country road trip in your own version of the Griswolds ' "Wagon Queen Family Truckster," there is a catch. Analysts warn this dip might not stick around long. Gas prices are still more than a dollar higher than they were this time last year, and any hiccup in global negotiations could send prices trending right back up again!

So, if your tank is hovering near “E,” now might be the time to top it off. Because in the world of gas prices, what goes down, unfortunately, usually finds a way to come right back up.

Welcome to what is commonly known as Pain at the Pump!