If you missed the chance to fuel up for cheaper than usual over Labor Day weekend, you're in luck: the end-of-summer dip in gas prices appears to be holding.
In fact, as of Wednesday, the average prices for a regular gallon of gas in Wisconsin is about 16 cents below the national average, according to AAA . The national average is sitting at $3.32, compared to the Wisconsin average of $3.16 (with prices rounded to the nearest hundredth cent).
In Wisconsin, that number is down about eight cents from a week ago and more than 30 cents from a month ago. Some cities have seen prices dip below $3 for a regular gallon in the past few days.
Here's why the state is continuing to enjoy low gas prices and which metro areas are seeing the lowest costs.
Why are gas prices down?
There are a number of reasons why gas prices may be dropping, since everything from extreme weather events to global oil markets can affect the cost of fuel.
Generally, gas prices tend to drop after Labor Day weekend, when summer travel peters off and the demand for fuel goes down. Last winter, the average price of gas across Wisconsin fell well below $3 , as people were driving less in the cold, snowy weather.
Gas costs could also be down thanks to oil prices globally dipping in the last month, according to USA TODAY .
West Texas Intermediate, the U.S. benchmark to gauge oil prices, has dropped more than than 10% from early July. Ongoing ceasefire talks in the Israel-Hamas War, as well as weakening oil demand in China, are both possible contributors to oil prices to easing globally.
In the Midwest, gas prices were especially high this summer, after a storm-related outage at a fuel refinery in Illinois last month sent prices soaring across neighboring states. In response, the Environmental Protection Agency issued a waiver earlier this month allowing Wisconsin and three other states to sell certain gasoline blends that are normally restricted under the Clean Air Act.
The waiver, which was in effect until Aug. 20, also likely contributed to lower gas prices at the tail end of summer.
Does the presidential election affect gas prices?
Though it's a popular myth that gas prices drop around presidential election, in favor of the incumbent candidate, there's little evidence to support this theory.
The president — or current presidential administration — actually has relatively little control over gas prices . The administration can pass long-term policies to attempt to lower gas prices, such as increasing U.S. oil production, but the weekly and monthly swings in pricing are often out of the president's hands.
These swings usually come down to factors like fluctuations in global oil demand, hurricanes and storms, and seasonal changes in travel trends — none of which can be significantly changed by presidential policy.
Which Wisconsin cities have the lowest gas prices?
All of the Wisconsin metro areas are seeing drops in gas prices, compared to a week and month ago. In some areas, including Milwaukee, prices for a regular gallon of gas have dropped more than 10 cents in the past week.
As of Wednesday, Eau Claire is seeing the lowest prices, as the only metro area dipping below $3 per regular gallon of gas.
Here are the prices for regular gas in Wisconsin cities as of Sept. 4, according to AAA :
- Appleton: $3.06, down from $3.18 a week ago
- Eau Claire: $2.97, down from $3.18 a week ago
- Fond du Lac: $3.13, down from $3.16 a week ago
- Green Bay: $3.17, down from $3.20 a week ago
- Kenosha County: $3.23, down from $3.31 a week ago
- La Crosse: $3.07, down from $3.16 a week ago
- Madison: $3.27, down from $3.32 a week ago
- Milwaukee-Waukesha: $3.12, down from $3.23 a week ago
- Oshkosh: $3.21, down from $3.25 a week ago
- Racine: $3.22, down from $3.30 a week ago
- Wausau: $3.12, down from $3.22 a week ago
- Sheboygan: $3.19, down from $3.24 a week ago
This article originally appeared on Milwaukee Journal Sentinel: Gas below $3? Why fuel prices are continuing to drop in Wisconsin
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