Gas prices drop below $4 a gallon in Milwaukee, Waukesha Counties
Gasoline prices fell below $4 a gallon at some stations in metro Milwaukee and Wisconsin, offering small relief to consumers facing soaring prices for everything, especially power and fuel. food.
Still, average prices are more than $1 a gallon higher than they were a year ago.
The average price for a gallon of regular fuel in the Milwaukee-Waukesha metro area on Tuesday was $4.34, according to the national travel organization AAA, which tracks prices through its daily fuel gauge report.
A check of stations in Milwaukee and Waukesha counties on Tuesday showed a handful of stations were selling gasoline for $3.99 a gallon, according to the Gasoline Price Tracking Service. GasBuddy.com.
Meanwhile, even at $3.99 a gallon, the average retail gasoline price is still about 60% higher than the average pre-pandemic average price recorded by the United States. Bureau of Labor Statistics.
Prices in Washington and Ozaukee counties were slightly higher, according to gasbuddy.com
Prices at gas stations that have higher sales volumes tend to fall faster when oil prices fall, because they have already sold the more expensive gasoline they used to buy to fill their underground tanks and l have replenished with cheaper fuel.
Oil prices experience large price swings
The price of benchmark US crude oil has swung wildly in recent weeks.
Benchmark US crude was trading above $122 a barrel on June 8. On Tuesday, it was trading at around $101 a barrel. A week ago, it was trading around $96 a barrel.
Then on Monday, US crude prices climbed 5.1%. The price of crude oil is nearly two-thirds of the cost of a gallon of gasoline.
Crude oil prices around the world have soared in recent months as global tensions and the push for more renewable energy – which has become a hot political issue in the United States – threw markets fossil fuels in uncertain territory.
Still, oil price trends lately are pointing down.
“Barring major hurricanes, outages or unexpected disruptions, I expect the national average to fall to $3.99 per gallon by mid-August,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
Nationally, lower fuel prices are being caused by lower demand for gasoline – the economic term for this is “demand destruction” and that means people are driving less – as well as lower oil prices.
The average cost of gas nationwide is $4.52. Although that’s 46 cents cheaper than a month ago, it’s still $1.36 more than this time last year, the AAA said.
The global energy situation promises to remain unstable.
As the war in Ukraine rages into the sixth month and Europe is gripped by a sweltering heat wave, European Union countries brace for a possible Russian natural gas shutdown amid soaring energy prices, inflation and a cost of living crisis across the 27-member Bloc.
Russia has cut off or reduced natural gas – which keeps industry running, generates electricity and heats homes in winter – to a dozen European countries.
How much does gas cost in Wisconsin?
The average price of a gallon of plain water in Wisconsin was $4.23, according to AAA.
At 11 a.m. Monday, a Kwik Trip in the Green Bay suburb of Howard was selling gas for $3.77 a gallon. Not far behind are several gas stations in Middleton and Sun Prairie, according to Gas Buddy.
And in Appleton, Green Bay, Manitowoc and Sheboygan, the price per gallon at some stations has fallen below $4 for regular unleaded gasoline, ranging from $3.84 to $3.99.
Gasoline prices in Oshkosh, Fond du Lac and central Wisconsin ranged from about $4.09 to $4.30, according to Gas Buddy.
The Associated Press contributed to this report.