MADISON, Wis. (WMTV) – Recent exorbitant gas prices are starting to show signs of returning to earth after a second week in a row that saw them fall by around a penny. According to GasBuddy’s latest weekly report, released Monday, the cost of a gallon of gasoline fell 10.2 cents and landed at $3.70 per gallon.
With the latest drop, gas is now 34.6 cents cheaper than it was this time last month, the company reported. Conversely, it is still a dollar ($1.04) more expensive than last April.
Across the country, prices didn’t fall as much as here, but they were still down 7.5 cents, to $4.10 a gallon. The company’s head of oil analysis, Patrick De Haan, estimated the recent declines could send the national average back below $4 gallons by next week. He estimates that lower prices have saved Americans about $100 million at the pump.
“It remains possible that gas prices may have reached their 2022 peak unless typical caveats like Russia’s war on Ukraine, the economy, hurricane season and Covid take drastic turns. and unexpected,” he said.
GasBuddy also discovered that Wisconsin’s capital has one of the cheapest fuels in the state. His survey, which includes 210 Madison locations, found at least one station charging $3.49/gallon, matching the lowest price found statewide. On the other end of the spectrum, some Madison drivers were spending up to 4.29/gallon. While eighty cents more expensive than elsewhere in the city, Madison’s top price was still half a dollar lower than the 4.79/gallon some Wisconsin drivers were paying.
Additionally, compared to other cities in the region, Madison has seen larger declines — and remains cheaper — than other nearby cities. Appleton, Milwaukee and Rockford all saw declines in the eight-cent range. Of the three cities, Appleton was closest in price to Madison, but was still 15 cents higher. In Illinois, drivers in Rockford pay more than half a dollar more per gallon ($4.22) than those in Madison.
According to GasBuddy, its state and city reports are based on a survey of approximately 150,000 stations across the country.
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