November 23, 2015|
Wisconsin Sees Third Largest Monthly Drop in Gas Prices
MADISON, Wisc., (November 23, 2015) – Gas prices continue to fall around the country and here in Wisconsin, with more than half of stations throughout the U.S. now selling regular unleaded for less than $2.00 per gallon. After several months of being higher than the National average, prices in Wisconsin start the week 5 cents below. The Badger state has seen a 35 cent drop in its average over the last month, the third largest in the nation.
Today’s statewide average for regular unleaded in Wisconsin is $2.02, which is down 23 cents for the week, and 80 cents less than a year ago. Thanksgiving holiday travelers will see the lowest gas prices since 2008.
Demand for gasoline typically declines during the month of November, and barring any unexpected disruptions in supply, the average is expected to move lower leading into 2016.
Crude oil supply from a number of production countries including Russia and Saudi Arabia is expected to sustain the global oil market’s current oversupply and keep market fundamentals bearish in the near term. Projections of slower than expected economic growth from China, combined with the impact of a strengthening U.S. dollar, are also likely to keep the market out of balance and put a ceiling on global oil prices. When the value of the U.S. dollar increases, West Texas Intermediate crude oil, priced in U.S. dollars, becomes a relatively less attractive investment for those holding currencies overseas.
The latest data from the U.S. Energy Information Administration points to crude oil inventories being up more than 100 million barrels from this time last year. Domestic inventories are nearing all-time record levels, which contributed to WTI falling temporarily below $40 per barrel last week. WTI closed out Friday’s formal trading session on the NYMEX down 15 cents settling at $40.39 per barrel.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, travel, insurance and financial services offerings to approximately 9 million members across 11 states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with nearly 55 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety.
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