Concerns over gas prices rising amid broader geopolitical dynamics owing to the ongoing war in the Middle East, have largely not come to fruition. Gas prices have continued to fall across the country. Nationally, the average price according to data from AAA is $3.24 a gallon, one cent less expensive than a week ago and 19 cents cheaper than this time last month.
In Wisconsin, the statewide average has fallen back below $3 a gallon, down to $2.92. That is a 23 cent decrease from a month ago. Across Southwest Wisconsin, two major metro areas have seen similar decreases in gas prices – Janesville-Beloit and Madison. Prices in Janesville-Beloit are now under $2.90 a gallon and sit at $2.86, a 25 cent decrease from a month ago; while Madison prices align with state trends and are $2.93 a gallon, down 23 cents from this time last month.
Gas prices are continuing to trend in the right direction heading into the holiday season, but with a new deal by OPEC+ to cut oil production by two million barrels a day in 2024, it’s possible that some minor spikes will return. That said, with the U.S. producing a record amount of oil, the country should be able to withstand the record highs that were seen in 2022.
To see more about gas prices across Wisconsin, data from AAA can be found here.