RHINELANDER, WI (WSAU-WXPR) — Gas prices in Wisconsin are now some of the lowest in the nation, according to the website gas buddy dot com.
Senior Petroleum Analyst Patrick DeHaan says the average price for a gallon of unleaded in the Badger state is now $1.42. He says recent events in the global oil market have a lot to do with the dip.
“There was an OPEC meeting about a month ago to discuss cutting oil production. Instead of an agreement on cutting oil production, Saudi Arabia and Russia both left the meeting saying they’re going to increase production instead,” DeHaan told WXPR Radio in Rhinelander. “[That] essentially started an oil production war and that has led oil prices down to as low as $20 last week.”
Some industry insiders have also noted that with California and New York under travel restrictions, there is more gasoline supply in the United States as well.
Gas prices in the Wausau area are as low as $1.56 per gallon, with some stations selling 15% Ethanol for under $1.50. Diesel prices have also dipped below $2 per gallon.
DeHaan adds that just like every other public place, you should treat gas pumps like they may have traces of Coronavirus on them. “Remember to be hygienic when filling up. A lot of germs on gas pumps. I’d remind people to stay clean and staying healthy by at least using some hand sanitizer if not delaying purchases of gasoline if you can.”
The decreased demand and lower prices haven’t been great for everyone, however. American Ethanol giant Poet announced on Tuesday they have slowed production at many of their facilities and have cut down on the amount of corn they are buying. The decrease has also delayed their plans for a new Ethanol plant in Indiana.
