Higher Price for Crude Yet to Affect Local Gas Prices
Despite crude oil prices back above $30 a barrel, the retail price for gasoline in the Milwaukee area is averaging $1.58 per gallon, down over 7 cents a gallon from last week. Patrick DeHaan, senior petroleum analyst for GasBuddy.com says gasoline prices may continue to drift lower even with talk of a future cut in oil output. “For now, due to a lag time from rising oil prices, gasoline prices in many areas may continue to drift lower,” said DeHaan. But, he cautions, don’t be surprised if prices begin to creep higher in the next few weeks. “Refiners have already begun some winter maintenance, and while the supply of winter gasoline is abnormally high, once that inventory is liquidated, I fully expect gasoline prices to march higher," DeHaan said.
According to GasBuddy's daily survey of 615 gas outlets in Milwaukee, the average price of a gallon of gas is $1.58, compared to the national average of $1.80 per gallon. The Milwaukee average price is 48.5 cents per gallon lower than the same day one year ago and 34.9 cents per gallon lower than a month ago.