After rising sharply this week, gas prices in Wisconsin should start to stabilize over the weekend, an analyst said.
GasBuddy senior analyst Patrick De Haan told the Journal Sentinel on Friday, May 1 that gas prices have stopped spiking in the Midwest. The statewide average should settle around $4.49 a gallon until at least May 3, he said, and could even drop a few cents.
Some gas stations set their prices above the $4.49-a-gallon mark and will likely drop prices back to that level if the statewide average holds, he said. And other gas stations that tried to keep prices low will likely have to come up to the new average over the weekend.
The unpredictability will set back in by Monday, May 4, De Haan said.
“Refinery issues seems to have eased, we’re looking better here,” he said. “But with the Strait (of Hormuz) and deals going on there, it’s anybody’s guess what could happen next week.”
Will gas ever drop below $3 a gallon in Wisconsin?
A year ago, the average price for a gallon of gas in Wisconsin was $2.97. Getting back to that price point is possible, but there are some hurdles to clear first.
De Haan said the Strait of Hormuz has to reopen for an extended time if Wisconsin ever wants to see prices below $3 a gallon again.
De Haan’s best-case scenario is that prices come back down by the end of 2026. But realistically, he said, it could take much longer to replenish oil supplies lost in the U.S.-Israel and Iran war.
Average Wisconsin gas prices on May 1
According to AAA, these are the latest average prices for gas per gallon by Wisconsin’s metro areas, from cheapest to most expensive.
This article originally appeared on Milwaukee Journal Sentinel: When will gas prices settle down in Wisconsin? Here’s what an expert said
Reporting by Caden Perry, Milwaukee Journal Sentinel / Milwaukee Journal Sentinel
USA TODAY Network via Reuters Connect
