Gas Prices Hit 4-Year Low, Remain In Decline

Gas prices in Wisconsin have hit a four-year low: According to AAA, the average price of gas in Wisconsin has dropped below $3 a gallon for the first time since December 2010.

Prices have, in fact, been declining all across the country. The national average dipped below $3 a gallon about a week ago.

Patrick DeHaan, a senior petroleum analyst with the website GasBuddy, said that overseas producers like Saudi Arabia are lowering prices for crude oil, which is having a ripple effect.

“The shale boom in the U.S. has led to the most amount of oil being pumped in the U.S. since the mid 1980s,” said DeHaan. “And it’s believed that the Saudis are perhaps cutting prices to fight back against that U.S. production boom.”

Nick Jarmusz, the director of public affairs for AAA Wisconsin, said things are looking good for the next few weeks.

“We still don’t even think we’ve seen quite the bottom,” said Jarmusz. “Prices may continue to fall a little bit more, maybe another ten cents, give or take, before the end of the year. And then they’ll probably go back up again in the spring as demand picks up again and as we switch back over to the more expensive summer blend gasoline.”

AAA tracks gas prices in six metro areas in Wisconsin. Jarmusz said Milwaukee currently has the lowest average, at $2.92 a gallon. Eau Claire is the highest, at $3.08 a gallon.