How Long Can Wisconsin Hold Out From $4 Gas Prices?

Milwaukee WI

04 March, 2022

2:30 PM

Description

WISCONSIN — Gas prices are surging in Wisconsin as the national average hovers just below $4 per gallon for the first time in more than a decade — and analysts expect it to hit $4 soon. In Milwaukee County, the average price for a gallon of regular gas was $3.48 on Friday, according to AAA. That's lower than the national average of $3.84. Russia's violent invasion of Ukraine has roiled the oil market, causing the global price of oil to spike and leading to higher pump prices in the United States, according to AAA. Gas prices have soared 18 cents since Wednesday and 29 cents since the invasion of Ukraine eight days ago, according to a CNN report. The increases mark the largest price hikes since Hurricane Katrina hit the U.S. Gulf Coast in 2005, devastating the nation's oil and gas industry, according to CNN. With prices rising at such a rapid pace, a national average of $4 a gallon will probably be reached soon, analysts say. "This is not the end of it. We're already up another 14 cents on wholesale gas prices this morning," Tom Kloza, a global petroleum analyst, told CNN on Friday. "It's absolutely out of control." The price of a gallon of gas varies dramatically based on where you live. In California, the average price for a gallon of gas hit a staggering $5.07 on Friday, according to AAA, making it the first state ever to have an average price above $5 a gallon. Meanwhile, if you live in Arkansas, a gallon of gas is only $3.45. Overall, gas prices are up more than $1 from this time last year, according to GasBuddy.com. The average price for a gallon of regular gas in Wisconsin is $3.58, according to GasBuddy. That's lower than AAA's average price. Milwaukee residents should prepare for gas prices reaching $4, Jim Ritterbusch, president of oil trading firm Ritterbusch & Associates told The Milwaukee Journal Sentinel. For comparison, the average price for a gallon of gasoline in the Milwaukee-Waukesha metro was $3.27 on Feb. 25, according to AAA. Currently, Wisconsin has among the least expensive gas prices in the nation, according to GasBuddy. Friday, the highest recorded prices were in Saint Croix, Barron and Price counties.