Milwaukee gas prices continue to drop heading into August

MILWAUKEE (CBS 58) -- Average gas prices in Milwaukee fell 19.4 cents per gallon between Monday, July 25 and Monday, August 1. 

GasBuddy's survey shows the average cost of gas in the city as of August 1 is $3.94 per gallon. That's 79.4 cents per gallon lower than a month ago, but still stands 92.1 cents per gallon higher than this time last year. 

Price reports indicate the cheapest station in Milwaukee was priced at $3.69 gallons on Sunday, July 31 while the most expensive was $4.99. That's close to the range throughout the entire state of Wisconsin, with the lowest price coming in at $3.49 per gallon while the highest was $4.99. 

The national average price of gasoline has fallen 15.9 cents per gallon in the last week, averaging $4.17 per gallon today. The national average is down 65.5 cents per gallon from a month ago and stands $1.02 per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

“We continue to see average gas prices falling in every state, with the national average down for the seventh straight week. Even better, nearly 20 states have also seen their average decline to $3.99 or less, with over 70,000 stations now at that level or below," said Patrick De Haan, head of petroleum analysis at GasBuddy. "The outlook is for a continued drop in most areas, however, some supply tightness in areas of the Northeastern U.S. could push prices up slightly until inventories rise, or imports do. For now, Americans are seeing prices nearly 90 cents lower than their mid-June peak and are spending close to $330 million less on gasoline every day as a result. As long as oil prices hold at these levels or lower, we'll see another decline in most areas this week."