October 25, 2014

Gas prices could hit $3 by year’s end

Wisconsin gasoline prices continue to nudge downward — a trend that experts say could drive prices down to around $3 a gallon by the end of the year.

Gas Buddy’s WisconsinGasPrices.com says the average price of regular unleaded is about $3.39 in the Chippewa Valley; it’s $3.29 in Madison; the statewide average is $3.31. There’s a report of gas as low as $2.95 in Kenosha.

The U.S. Energy Department reported Wednesday that the nation’s oil supplies grew by 1.2 percent above a year ago, to almost 380 million barrels. As a result, crude oil prices fell by almost $2 a barrel at one point in Wednesday’s trading.

Oil analyst Jim Ritterbusch, of Galena, Illinois, says we’ve seen a large buildup of supplies, as production keeps trending higher. The end result has been a sizable drop in gasoline prices since Labor Day.

AAA said Wednesday that the statewide average for regular unleaded is around 20 cents less than a year ago.

WAYY