September 1, 2014

Plummeting prices at the pump

Motorists have seen record high gas prices across the country, but now Pam Moen at AAA Wisconsin says there’s good news for a change. “We’ve been talking a lot all year about rising gas prices and it is a treat to finally be able to talk about them on a day where they are dropping.”

Wisconsin statewide average is at $3.86 a gallon. That’s down by 11 cents from just a week ago. In Madison it’s down almost 20 cents from a week ago, with an average of $3.75 according to Moen. Some gas stations in the Capital City are as low as $3.67.

The decreased cost of crude oil in the sluggish economy and negotiations in Iran are helping to lower the price at the pump, says Moen. “So dropping oil prices is one factor, and then another factor is the switchover from winter blend fuel to summer blend fuel.”

Milwaukee prices hit a record high a couple weeks ago, attributed in part to the reformulated fuel requirement in the winter months, reaching $4.20 a gallon. Prices there plummeted 35 cents in recent weeks, now averaging $3.85.

Madison saw the state’s lowest price Thursday at $3.67; the highest price in Wisconsin is $3.93 in the Green Bay area.

AUDIO: Jackie Johnson report 1:25