MADISON (Learfield) - Gas prices jumped by eight-cents a gallon in parts of Wisconsin yesterday, as tensions in the Middle East caused a rise in crude oil prices. But the Wisconsin Triple-“A” said the statewide average for unleaded regular went up just one-point-four cents a gallon in the last day. It’s now $3.18. And Milwaukee Gas Prices-Dot-Com actually reported a decrease of four-tenths-of-a-cent in the state’s largest metro.
The average Milwaukee fuel price this morning was just under $3.17. Energy consultant Jim Ritterbusch said 10-dollars a barrel has been added to the price of crude oil because of what he calls a “fear premium.” Tensions in Egypt and Libya are said to be helping crude oil prices reach their highest levels in two years. And Tom Kloza of the Oil Price Information Service says gas could cost $3.75-a-gallon by Memorial Day.
The Triple-“A” says the average Wisconsin fuel price has dumped seven-cents in the last month and 54-cents in the past year.