National Average Gas Price Around $3.71; Wisconsin Average Around $3.46

Tuesday, September 13th, 2022 -- 9:01 AM

The national average price for a gallon of gas fell seven cents in the past week to reach $3.71, a level not seen since the beginning of March.

The primary reason for this decline is the recent lower cost for oil. "Less expensive oil usually leads to less expensive gas for drivers," said Nick Jarmusz, director of public affairs for AAA – The Auto Club Group. “This trend has helped pump prices fall steadily for three straight months and, with fall approaching, more markets could soon see prices below $3 per gallon.”

According to data from the Energy Information Administration, gas demand increased slightly from 8.59 million b/d to 8.73 million b/d last week. Meanwhile, total domestic gasoline stocks rose by 300,000 bbl to 214.8 million bbl.

Although gasoline demand has increased slightly, lower oil prices have led to falling pump prices. If gasoline demand begins to subside, as it typically does post-Labor Day with the end of summer driving, pump prices will likely continue to decrease.

Today's national average of $3.71 is 26 cents less than a month ago but 54 cents more than a year ago. The average price of gasoline in Wisconsin on Monday was $3.46 compared to $3.47 on Sunday. A week ago it was $3.57, it was $3.66 a month ago, and $3.02 a year ago.

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