Pain at the Pump
Gas prices aren't rising to predicted record levels in Milwaukee
MILWAUKEE - There were predictions of record prices at the pump this summer in Milwaukee.
However, with just two weeks until Memorial Day - the traditional high point for prices - gas prices are still falling.
In fact, they are much lower than 2011.
"We anticipate the prices that we saw in early April, we think, were the peak. We're cautiously optimistic that the peak is now behind us," said Gregg Laskoski of gasbuddy.com in an interview with Newsradio 620 WTMJ's Michelle Richards.
According to that web site, the average price in our area fell another seven cents over the past week.
The price is 27 cents lower than it was this time last year.
Laskoski says a high supply of available gasoline is at least one of the reasons for the lowering costs at the pump.
"We have very healthy inventory levels of crude oil as well as gasoline. Similarly, on the refinery side of the equation, we also have very positive numbers with the west coast being the only exception."
In addition, drivers aren't using as much gas.
"In your area, we are seeing very strong numbers on refinery output," explained Laskoski. "The demand side of the equation, consumer demand is unremarkable right now."
Many stations in our area are charging as low as $3.67 per gallon for regular unleaded gasoline.