Gasoline prices will continue to increase across the Green Bay area, but northeastern Wisconsin consumers continue to pay less than the national average.
National and local gas prices began to increase in late February as seasonal fuel transitions started. Prices increased sharply to begin March after the United States and Israel launched attacks on Iran and the conflict spread through the Middle East.
Wisconsin’s average gas prices rose from $2.57 on Feb. 23 to $2.77 on March 2 to $2.86 on March 3, according to AAA Wisconsin. GasBuddy’s real time price tracker reported the statewide average rose to $2.90 by 4 p.m. March 3 and above $2.93 by 8:30 a.m. Wednesday, March 4. GasBuddy ranked Wisconsin’s average gas price as the 16th least expensive in the nation.
In Green Bay, the average price for a gallon of regular gas went from $2.55 on Feb. 23 to $2.85 March 2 to $2.89 on March 3, according to AAA.
By 8:30 a.m. Wednesday, March 4, the Green Bay area’s average regular gas price reached $2.94, almost 39 cents higher than the average one week ago, according to GasBuddy’s real time price tracker. Convenience stores in the Broadway District and on West Mason Street were selling regular gas for between $2.87 and $2.99 per gallon. Two stations sold premium gas for $4.19.
Oil, the biggest contributor to gasoline prices, has risen in price from below $67 per barrel on Feb. 27 to almost $76 on March 3.
The current unrest in the Middle East will likely continue to push up gas, diesel and jet fuel prices across the United States, said Patrick De Haan, Gas Buddy’s head of petroleum analysis.
“Now that it has really escalated, oil prices are jumping and that’s leading consumers to see higher gas prices, higher diesel prices, higher jet fuel prices,” De Haan said in a March 3 PDI Technologies briefing.
Here’s a look a current gas prices in the region, historic highs, historic lows and what’s likely to happen with fuel prices in the coming days and weeks.
What costs go into the price for a gallon of gasoline?
Here’s the breakdown of what consumers pay for in the price of a gallon of gasoline, according to the U.S. Energy Information Administration:
What are the current average gas prices in the Green Bay area?
According to AAA as of March 4, here are the average fuel prices in the Green Bay area:
What will happen to gas prices near me in Green Bay?
First, it’s important to note De Haan can’t predict the future and acknowledged his projections could change if conditions change in the Middle East, especially with ship activity through the Strait of Hormuz, a key shipping route for 20% of the world’s seaborn oil.
“Nobody has a crystal ball. … There’s so much uncertainty,” he said.
De Haan said he expects the national average gasoline price, which rose 15 cents in recent days to $3.11, may go up another 15-30 cents over the next week or two. The national average price of diesel fuel, currently $3.89, could increase another 40-75 cents in the coming weeks, he said.
He said consumers should see prices level out.
“The pace of increases, while it’s a bit dramatic right now, should settle down in the next week or week-and-a-half,” De Haan said.
What’s the highest ever national average gas price?
What’s the lowest ever national average gas price?
$1.59 on Dec. 29, 2008, per GasBuddy.
What was the highest average gas price in Green Bay?
$4.86 on June 8, 2022, per AAA.
Contact business reporter Jeff Bollier at (920) 431-8387 or jbollier@usatodayco.com. Follow him on X at @JeffBollier.
This article originally appeared on Green Bay Press-Gazette: What will happen to Green Bay area gas prices amid U.S. war in Iran?
Reporting by Jeff Bollier, Green Bay Press-Gazette / Green Bay Press-Gazette
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