Madison gas prices fall for the first time in over two months, GasBuddy reports.
MADISON, Wis. (WMTV) - “Finally some relief!”
For the first time in over two months, drivers in Madison and across the country got a break at the pump, according to GasBuddy’s latest weekly report. The long-awaited dip (even if it was just a nickel) earned the above reaction from the company’s head of petroleum analysis, who predicted the trend may continue, although the reason is not exactly positive.
“I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil,” GasBuddy’s Patrick De Haan explained, adding the caution, “[b]ut the coast isn’t yet entirely clear.”
Even with the price slip (again, it was only 4.8 cents), gas in Wisconsin’s capital still sits a penny more than $2 higher than it was at this time last years. The average price, $4.79/gallon, is also 55.2 cents above what drivers were shelling out last month. While some people were able to find $4.60/gallon on Sunday in Madison, at least one other station was charging as much as $5.20/gallon, GasBuddy reported.
A four-cent drop in the U.S. let prices recede under five dollars per gallon after reaching record-breaking highs. Now standing at $4.97/gallon, De Haan suspects that figure to fall at an even higher rate over the next two weeks.
“We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such,” he continued.
In Milwaukee, gas prices also dropped more than fourteen cents, leaving them under the $5 mark – slightly ($4.99/gallon). Meanwhile, up in Appleton, gas is a little less than it is down here ($4.75/gallon); and, across the southern border, in Rockford, they are still paying a lot more than five bucks ($5.26/gallon).
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