Wisconsin is among the top ten largest weekly increase at $1.69 (+23 cents)

11 May 2020

MADISON, Wis., (May 11, 2020) – The national gas price average is six cents more expensive on the week at $1.84, but still cheaper on the month and year – three cents and $1.02 less, respectively. Regardless of the national increase, 40 states still have averages of $2.00 or less per gallon.

“Pump prices are fluctuating throughout the country as demand increases and gasoline stocks decrease,” said Nick Jarmusz, Director of Public Affairs for AAA – The Auto Club Group. “The boost in demand continues to push pump prices up around the country, as more states re-open businesses. Motorists in the Great Lakes, Central, South and Southeast states are seeing the most volatility at the pump.”

The Energy Information Administration’s (EIA) latest data report showed demand for gasoline increased by 800,000 b/d to 6.7 million b/d last week, which is 3.2 million b/d less than last year at this time. Gas demand is expected to continue to grow, leading pump prices to continue their increase.

The Great Lakes and Central States region is seeing the highest volatility in the country at the pump with eight states in the region topping the list for the largest weekly change. This region routinely sees pump price fluctuation, so it is no surprise to see significant increases within the Great Lakes and Central states as many states begin to re-open.

In addition to being home to the largest weekly increases, this is also the only region in the country with state gas price averages more expensive compared to last month.

Gasoline stocks continue to decrease, with the latest draw of 1.1 million bbl bringing total levels to 56.4 million bbl. However, refinery rates increased for a second week, jumping from 72% to 73.5% in the latest EIA report. The decrease in stocks amid increase in production is contributing to the pump price jumps motorists are seeing in the region.

 

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$1.847

$1.844

$1.784

$1.873

$2.866

Wisconsin

$1.690

$1.689

$1.469

$1.342

$2.835

Appleton

$1.584

$1.584

$1.311

$1.101

$2.719

Eau Claire

$1.677

$1.681

$1.472

$1.326

$2.865

Green Bay

$1.652

$1.655

$1.436

$1.176

$2.756

Janesville-Beloit

$1.581

$1.581

$1.421

$1.213

$2.706

La Crosse

$1.604

$1.614

$1.428

$1.240

$2.816

Madison

$1.673

$1.634

$1.448

$1.325

$2.741

Milwaukee

$1.777

$1.777

$1.510

$1.333

$2.948

Wausau

$1.607

$1.602

$1.458

$1.559

$2.813

Click here to view current gasoline price averages

 

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by $1.19 cents to settle at $24.74 per barrel. Crude prices increased last week amid growing market optimism that crude demand is rebounding as states re-open businesses and demand for gasoline has grown in recent weeks. For this week, crude prices may continue to rise if the market believes that crude oil inventories are beginning to rebalance. However, if crude storage levels continue to increase, crude prices could decline if the market continues to worry that the global 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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