© 2024 WXPR
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Gas Prices Leveling Off Could Fall After Labor Day

Wikimedia Commons

Gas prices have probably peaked for the summer, but instability in international affairs could affect the price of gas at the pump for the near term.

That's the assessmeent of Senior Petroleum Analyst for the webside gasbuddy. com Patrick DeHaan...

  "....At least for the time being, it looks like prices may continue drifting down. Retail gas prices in Wisconsin down about two cents in the last week. Currently, about $2.81 a gallon. The latest downward trend is due to the drop in price of crude oil. It seems this summer has been all over the map. Up significantly, the down, then back up. It's keep gas prices in a little bit of a limbo...."

He says crude oil prices...the price from which gas prices are reflected...had fallen to 64 dollars per barrel, down ten dollars a barrel. Libya has returned to exporting oil and DeHaan says this is one factor in the price of crude oil dropping. Prices could be stable and then drop after Labor Day....

"....Not necessarily immediately after Labor Day, it may take until mid-to-late September. I would say gas prices for the last half of September, October, November would be lower than they stand toda, barring any unforseen changes geo-politically or fundamentals with supply and demand...."

Gas prices across the Northwoods are in the $2.88 cents per gallon range. Average Wisconsin gasoline prices in July have ranged widely over the last few years. In 2017 it was $2.22 a gallon. In 2016 it was $2.36. In 2015 it was $2.76 and $3.70 in 2014.

Up North Updates
* indicates required
Related Content