Gas prices continue to plunge in Madison

By  | 

MADISON, Wis. (WMTV) -- Gas prices in Madison and across the entire state of Wisconsin continue to plunge as oil prices have sunk to their lowest level in nearly two decades and could be set to go even lower, according to new numbers from GasBuddy.

"I don't think I've ever seen such a collapse in prices, even including the Great Recession,” GasBuddy’s head of petroleum analysis said, adding that “there's plenty more room for prices to drop, putting 99 cents per gallon prices as a strong possibility for perhaps many more stations than we previously anticipated.

The average price for a gallon of gas dropped nearly 17 cents in the past week and now sits at $1.81, which is also almost 50 cents from just one month ago, GasBuddy’s numbers show. For further comparison, it is about half of what drivers were paying at this time in 2014.

Prices got as low as $1.48 per gallon in Madison, while $1.39 was seen elsewhere in the state.

Nationwide, average prices fell 38.5 cents from last month and sit at $2.08.