Wisconsin among top ten weekly change in gas price at $2.07 (-2 cents)

28 July 2020

MADISON, Wis., (July 27, 2020) – As COVID-19 case numbers surpass 4 million, demand for gasoline is weakening across the country. The latest Energy Information Administration (EIA) demand reading measures at 8.5 million b/d, which is about 11% less than a year ago. The lower demand contributed to a cheaper national average on the week – down one penny to $2.18. This is the first time since late April that the national average has declined.

“Pump prices are mostly pushing cheaper across the country as gasoline demand wanes over the past few weeks,” said Nick Jarmusz, Director of Public Affairs for AAA – The Auto Club Group. “Gas prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns, with the national average possibly reaching $2.25.”

Today’s national average ($2.18) is one cent more than last month and 56 cents cheaper than last year. Motorists can find gas for $2.25 or less at 70% of gas stations across the country.

Motorists in the Great Lakes and Central states are seeing savings at the pump on the week. With a decrease of as much as a nickel, these states land on the top 10 list for largest weekly decreases including Wisconsin (-2 cents).

After a one-week build, stocks declined by 600,000 bbl to push total levels back to 50 million bbl. Since late May, when many states started to re-open, regional stocks have declined by 5 million bbl, according to EIA data. Total measurement levels are reflective of the typical summer time in the region.

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$2.184

$2.184

$2.195

$2.178

$2.742

Wisconsin

$2.070

$2.073

$2.097

$2.147

$2.716

Appleton

$1.924

$1.929

$1.968

$2.075

$2.659

Eau Claire

$2.046

$2.050

$2.081

$2.094

$2.760

Green Bay

$2.046

$2.046

$2.075

$2.138

$2.666

Janesville-Beloit

$1.954

$1.955

$2.005

$2.058

$2.641

La Crosse

$2.045

$2.074

$2.082

$2.108

$2.675

Madison

$2.066

$2.069

$2.098

$2.159

$2.626

Milwaukee

$2.063

$2.067

$2.091

$2.141

$2.745

Wausau

$2.041

$2.047

$2.055

$2.126

$2.740

Click here to view current gasoline price averages

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 22 cents to settle at $41.29 per barrel. Domestic crude prices increased due to a slight decrease in the value of a U.S. dollar. However, crude prices could fall this week, since EIA’s weekly report revealed that total domestic inventories increased by 4.9 million bbl. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied.

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

 

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