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Fri July 5, 2013
Gas Prices Relatively Low on Holiday Weekend
Gas prices have taken big rides in recent months.
First, some shot up to well over $4 per gallon. Now, during the holiday weekend, many are nearly a dollar lower.
Many stations across the Milwaukee area are selling gas for 3.29 a gallon.
Erin Roth works for the Wisconsin Petroleum Council. He says there are a couple reasons for the relatively low holiday price.
“We were fortunate to get three refineries back up that had mechanical problems and were creating a real havoc in the Midwest in terms of gasoline inventories and that’s why you saw prices escalate over four dollars. What we’re seeing in the marketplace right now is crude oil is stable in terms of price,” Roth says.
Roth says, these days, there’s a plentiful supply of gas but not as much demand as a year ago. According to the AAA, 40 million people in the Midwest will travel by car this weekend, down nearly one percent from July, 2012. Roth says when people see high prices, they find alternatives.
“The driving public can affect gas prices by driving less and making smart decision about trips, consolidating trips and using the vehicle that gets the best gas mileage in the family, so certainly that’s having a positive effect on downward prices in the market,” Roth says.
However, Roth says people may soon decide to take advantage of the lower gas prices and head out on a road trip. Then again, industry eyes are focused on strife in the Middle East and its potential impact on crude oil prices.