GREEN BAY, Wis. (WFRV) – Gas prices recently reached $5 per gallon nationwide with motorists struggling to pay at the pump.
Patrick De Haan, a representative with GasBuddy spoke to Local 5 News in a zoom meeting about how gas prices have changed, why they’re still trending upward, and what consumers can do to save a little extra at the pump.
“One of my bigger fears this summer is so far the reduction in refining capacity we’ve seen over the last three years. Combined with that, demand remains elevated and we see any disruption whether a refinery or because of a hurricane shutting down some infrastructure. We could see prices in Green Bay well over the $5 mark,” said De Haan.
With hurricane season approaching and gas prices already high, one strong hurricane can shut down several of the nation’s best refineries and drive gas prices way up, including over $6 per gallon.
While gas prices are trending upward, that is not stopping people from purchasing fuel for their vehicles. Traveling is becoming more and more common again following the COVID-19 pandemic.
“On the supply side, obviously COVID-19 had and continues to have an impact on the overall amount of oil being produced. We’re about a million barrels above where we were last year for U.S. oil production. We’re also a million barrels short of where we were prior to COVID-19 so there is some room for recovery there,” said De Haan.
De Haan with GasBuddy also added that gas prices fluctuate based on supply and demand, meaning if we cut down on consumption, gas prices will go down.
The City of Green Bay’s average price per gallon, $4.82, is a touch lower than Wisconsin’s statewide average of $4.91. The national average currently sits at $5.01.