Gas prices jump 13 cents in the last week in Wisconsin
Gas Buddy says average prices for a gallon of gas in the state is $4.04
WAUSAU, Wis. (WSAW) - You may have noticed you’ve been paying more at the gas pump again. That’s because of a number of factors.
Gas Buddy said prices for a gallon of gas have jumped 13 cents in the last week. They said gas prices in the state peaked this year at $4.06 in March. Now, gas prices are averaging $4.04 in Wisconsin.
“Unfortunately, I don’t think gas prices are going to go down soon,” said Raj Bhandari, the owner of multiple gas stations in central Wisconsin.
Last month’s gas prices were lower than March’s noticeably higher gas prices.
“Oil prices have started to heat back up. They’re up to $15 a barrel from their low that we saw a couple of weeks ago,” said Patrick De Hann, head of petroleum analysis for Gas Buddy.
“The reason is that there was a low demand at that time because in April, there’s no travel, no fishing, nothing at all,” said Bhandari.
Now that people are out and about, gas prices are increasing.
“And now all of the sudden the demand has gone up so that is why we see the gas prices going back up again,” said Bhandari.
Bhandari said there are a number of reasons for the price hikes in gasoline.
“Now, OPEC, that’s oil-producing exporting countries, they are not producing oil to the pre-covid level yet,” said Bhandari.
Bhandari said another reason for price hikes is people switching to renewable energy.
“U.S. wants to stay away from oil. They want to introduce renewable energy and that is why oil producers are not producing more and more oil,” said Bhandari.
Political reasons are still impacting the price at the pump.
“Third is the Ukraine and Russia war and that war is never-ending and that is also contributing,” said Bhandari.
It’s all a matter of supply and demand.
“Get ready to dig a little deeper this summer. I don’t think we’re going to see a lot of relief, unfortunately,” said De Hann.
Gas Buddy said it’s not just unleaded gas that’s going up in price. Diesel fuel prices are flirting with $5.00.
Copyright 2022 WSAW. All rights reserved.