UNDATED (WSAU-Wheeler News) Gas prices are still creeping up in Wisconsin, but relief appears to be on the horizon. Crude oil futures dropped by three-dollars a barrel yesterday, as U-S benchmark crude for February deliveries dropped to $95.44-a-barrel in New York. That's after crude oil jumped above $100 in recent weeks.
The Triple-"A's" statewide average for regular unleaded held about steady from yesterday at 3.24-9 per gallon. That's up by three-and-a-half cents from a week ago, and it's up a dime over the past month. Experts say part of the increase is due to a reduction in fuel inventories, to help oil companies cut their tax bills for last year.
Oil market analyst Jim Ritterbusch of Galena Illinois says gas prices should bounce between three-dollars and 3.40-a-gallon until spring -- when prices normally rise due to a change to summer fuel blends. Barring flareups in the Middle East, Ritterbusch says we should see a relatively steady oil market for 2014. For now, he does not expect prices to jump to $4 this summer.