Milwaukee-area gas prices rise after extreme cold caused refinery issues

Last updated on January 4th, 2023 at 11:49 am

Average gasoline prices in the Milwaukee area have risen 19.3 cents per gallon in the last week, or 6.9%, averaging $2.97 per gallon today, according to Boston-based GasBuddy‘s survey of 615 stations in the Milwaukee area.

The national average price of gasoline has risen 12.3 cents per gallon in the last week, averaging $3.17 per gallon today. “For the first time in two months, the nation’s average price of gasoline rose sharply last week, as extremely cold weather led to many refinery issues, shutting down over a million barrels of refining capacity, pushing wholesale prices up,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, China’s reopening plans gave markets inspiration that global oil demand will start to recover, as China’s nearly three-year COVID-zero policies appear to be coming to an end. While the jump at the pump will likely be temporary as most refiners get back online after cold-weather related issues, some regions like the Rockies may see more price increases than others as cold-weather shutdowns hit the region fairly hard, with one refinery likely remaining down through the first quarter of 2023. Most areas have seen the bulk of the rise already hit, but should oil continue to rally, more increases could be on the way.”

Gas prices in the Milwaukee area are 0.5 cents per gallon lower than a month ago and stand 2.7 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Milwaukee was priced at $2.56 per gallon on Monday while the most expensive was $3.29 per gallon, a difference of 73.0 cents per gallon.

The lowest price in Wisconsin on Monday was $2.52 per gallon while the highest was $3.29 per gallon, a difference of 77.0 cents per gallon.The national average is down 22.5 cents per gallon from a month ago and stands 9.5 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

The national average price of diesel has fallen 1.4 cents in the last week and stands at $4.67 per gallon.

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Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.

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