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Thursday, June 16, 2016

Gas prices continue to climb in Wisconsin according to AAA

MADISON  - Pump prices in Wisconsin and neighboring states continue to climb faster than the national average thanks to increasing demand for gasoline and tightening supply due in large part to the recent partial shutdown of the West Shore pipeline according to the Wisconsin chapter of the American Automobile Association (AAA).  

The segment between Milwaukee and Green Bay is reportedly undergoing repair and inspections and may be offline for several weeks while the work is being completed.  Operational challenges are also being reported at Marathon’s Detroit, MI refinery and ExxonMobil’s Joliet, IL plant.

Despite these supply issues, refinery production has increased over the past few weeks, while supplies are still about nine percent higher than a year ago. In response to recent distribution issues, both Michigan and Wisconsin’s governors took action extending the hours that drivers transporting fuel are permitted to stay on the road. In the near term, gas prices may remain volatile with summertime driving fueling high demand.

Drivers in the Badger State saw average prices for regular unleaded increase to $2.51, a 13 cent jump over last week.  Only Michigan, Ohio, Illinois and Indiana had larger increases.  Prices across the state vary considerably, with the lowest prices to the North and West, where markets are less dependent on the West Shore pipleline for supply.  Average prices around the state are as follows:

Eau Claire - $2.40
Green Bay - $2.50
Janesville/Beloit - $2.54
La Crosse - $2.39
Madison - $2.44
Milwaukee - $2.63

You can find additional information on Wisconsin market averages, including historical comparisons, at www.GasPrices.AAA.com.

After reaching new 2016 highs, crude oil prices retreated to close out the week due to news of a strengthening U.S. dollar and data showing an uptick in the number of U.S. drilling rigs in operation. Both benchmarks opened the week by extending this trend of sliding prices, as concerns of revived production out of the U.S. and global demand concerns begin to resurface. At the close of Friday’s formal trading session on the NYMEX, WTI closed down $1.49 and settled at $49.07 per barrel.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

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