Wisconsin hit a record high for gas prices in May, with regular unleaded topping $4.11 a gallon. Since then, Pam Moen with AAA-Wisconsin says we’ve been fortunate to see the statewide average drop almost 50-cents, to about $3.63.
Moen says that’s good news as we approach the busy July 4th holiday weekend, which starts next Thursday. However, it’s still well above the average price from this time last year of $2.67 a gallon.
Moen says prices are likely to continue dropping through the summer. She says the only reason they have remained slightly above natural averages during that past month was because of regional supply problems caused by weather and refinery slowdowns.
Another factor that could lead to a big price drop was Thursday’s announcement that 60-million barrels will be released from U.S. and international strategic oil reserves. The news sent crude oil futures down over $4 in just one day and Moen expects that trend will continue.