(WLUK) -- Gas prices dropped nationwide and across Wisconsin from last week; however, GasBuddy reports that oil prices could rally mid-week.
Average gasoline prices in Green Bay have fallen 10.0 cents per gallon in the last week, averaging $3.34/g today, according to GasBuddy.
Neighboring areas and their current gas prices:
- Appleton- $3.29/g, down 10.4 cents per gallon from last week's $3.39/g.
- Wisconsin- $3.43/g, down 9.8 cents per gallon from last week's $3.53/g.
- Michigan- $3.51/g, down 8.6 cents per gallon from last week's $3.59/g.
The national average price of gasoline has fallen 3.9 cents per gallon in the last week, averaging $3.51/g today.
"While the national average drifted lower last week as oil prices cooled off, the drop may be temporary. OPEC+ agreed Sunday to additional production cuts, while Saudi Arabia is going above and beyond and cutting July production. As a result, oil prices are likely to see upward pressure as global supplies, which have remained tight, promise to become even tighter as a result," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Last time OPEC+ agreed to cut production, it led to a temporarily rally in the price of oil, but as global oil demand hasn't been as strong as expected, the cut failed to hold oil prices up. OPEC+ and Saudi Arabia are likely hoping that the rise in oil prices will stick longer this time, as the Saudi economy relies on oil prices north of $81 per barrel. It's likely that as a result of the production cut, oil prices could rally this week, pushing gasoline prices higher as early as mid-week. How long any rise in gas prices lasts is up in the air, but I do not yet believe motorists need to be worried. Any rise in average prices should be fairly small, and we're still extremely unlikely to make a run at record prices anytime soon."
GasBuddy's gas price comparison by state
The national average price of diesel has fallen 3.4 cents in the last week and stands at $3.88 per gallon.
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June 05, 2023 at 05:32PM
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