Wisconsin's Gas Prices Continue to Fall

Tuesday, August 2nd, 2022 -- 11:00 AM

The national average for a gallon of gas fell to $4.21, down 14 cents since last week.

But a slight uptick in gas demand as more people fuel up could end the steady drop in daily pump prices. “We know that most American drivers have made significant changes in their driving habits to cope with high gas prices,” said Nick Jarmusz, director of public affairs for AAA – The Auto Club Group.

“While gas prices have dropped, it's too early to tell just how long these prices will hang around. Oil and gasoline futures prices made notable gains last week. This could cause falling gas prices to level out or potentially increase, but it's too early to tell."

According to new data from the Energy Information Administration, gas demand increased from 8.52 million b/d to 9.25 million b/d last week. The estimated rate is 80,000 b/d lower than last year, but it could slow pump price decreases if the trend holds.

Additionally, total domestic gasoline stocks decreased by 3.3 million bbl to 225.1 million bbl, signaling that higher demand reduced inventory last week. New survey data from AAA finds that drivers are making significant changes to cope with high pump prices.

Almost two-thirds (64%) of U.S. adults changed their driving habits or lifestyle since March, with 23% making “major changes.” Drivers’ top three changes to offset high gas prices are driving less, combining errands, and reducing shopping or dining out.

Today’s national average of $4.21 is 63 cents less than a month ago and $1.04 more than a year ago. Wisconsin’s average is around $3.89. A week ago it was $4.04, $4.64 a month ago, and $3.02 a year ago.

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