MADISON, WI (WTAQ) – An oil industry analyst said the market had a “temper tantrum” last week, and that’s why we’re paying a lot more for gasoline right now.
Patrick DeHaan of Gas Buddy.Com said a weekly government report highlighted a large decrease in crude oil inventories last week — and it spurred a 9 cent increase in the price of a gallon of regular unleaded.
The Triple-“A” said the Wisconsin statewide average price is $2.80 Thursday morning, up from $2.71 a week ago and $2.62 at this time last month.
DeHaan said 3 Midwest refineries were shut down due to problems or maintenance — but they’ll soon be back online if they’re not already, and prices should stabilize after that.
Also, DeHaan said gasoline production fell after prices plunged late last year due to abundant supplies.
Wisconsin’s average fuel price dropped from $3 a gallon to below $2 in just over a two month period at the end of 2014.
(Story courtesy of Wheeler News Service)
