MILWAUKEE — Wisconsin drivers could see gas prices fall below $4 a gallon within the next week, with additional relief possible before Thanksgiving, according to GasBuddy’s head of petroleum analysis, Patrick De Haan.
De Haan joined Wisconsin’s Midday News to discuss falling gas prices following the election and how the ongoing conflict with Iran could affect prices at the pump.
According to de Haan, Milwaukee gas prices have dropped 26 cents per gallon over the past week, partly because of improving refinery operations, lower seasonal demand and the transition to cheaper winter gasoline.
“Regardless of the election, gas prices almost always fall in the fall, just like they’re going to spring up in the spring,” de Haan said.
Wisconsin’s average gas price was about $4.08 per gallon at the time of the interview, compared with a national average of $4.09. De Haan said Wisconsin prices are typically 10 to 15 cents below the national average.
He expects Wisconsin prices to fall below $4 within the next week and said further declines are possible.
“If everything goes well, by Thanksgiving, we could see prices in Wisconsin in the mid-to-upper $3 per gallon range,” De Haan said.
De Haan also pointed to hopes of an agreement between the United State and Iran as a factor pushing oil prices lower. However, he cautioned that prices could rise again if tensions escalate instead.
Diesel prices may fall more slowly because demand for heating oil general increases during colder months, De Haan said.
