Despite crude oil price fluctuation and growing geopolitical concerns with Iran in the last week, the national gas price average has held steady at $2.58 since the beginning of the year, according to AAA. Monday’s national average is two cents more than last month and 34-cents more expensive than the beginning of 2019.
The average gas price in Wisconsin on Monday was $2.44 per gallon, down from last year at the same time. The best average price on gas in the state is in the Janesville and Beloit areas with an average of $2.34 per gallon.
A healthy and growing level of domestic gasoline stocks alongside decreasing demand are two factors helping to minimize gas price fluctuations. In the last week, about 32 states saw pump prices push less expensive by just a penny or two or saw no change at all.
The Energy Information Administration measures U.S. demand at 8.1 million b/d, which is the lowest reading for the first week of the year since January 2016. At 251.6 million bbl – the highest start of the year on record – gasoline stocks have only measured this high two other times in EIA history.
The Great Lakes and Central States are seeing typical regional gas price volatility. Motorists in the region are paying 31 to 55 cents more to fill-up compared to this time last year.
EIA’s data shows regional gasoline stocks have steadily increased for six straight weeks. Total stocks sit at 55 million bbl, the highest level for the region since March 2019. With a healthy stock level amid a typical low-demand season, gas prices are poised to mostly decrease. However, the region often sees fluctuation and motorists can expect that to continue in weeks ahead, though likely minimal.