Pump Prices Surge as Oil Gets More Expensive

MADISON, Wis., (May 9, 2022) –  Drivers are paying more at the pump—a lot more—as the cost of gasoline moves steadily higher. In the past two weeks, the national average for a gallon of gasoline has risen 20 cents to $4.32, a penny less than the record high set on March 11. The increase is primarily due to the high cost of crude oil, which was hovering near $100 a barrel last week and is now closing in on $110.

“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” said Nick Jarmusz, director of public affairs for AAA – The Auto Club Group. “These prices are creeping closer to those record high levels of early March.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.

For those in the market for a new ride, one way to end the pain at the pump may be to dump the pump. In the latest online AAA Car Guide, all category winners for 2022 are electric or electric hybrid vehicles. In addition to being highly fuel-efficient, the winners are loaded with the latest advanced driver assistance systems. The AAA Car Guide also contains detailed information about AAA’s recent research on current automotive technologies and topics, such as driver assistance systems, gasoline quality, headlight effectiveness, and much more.

Meanwhile, today’s national average for a gallon of gas is $4.32, which is 20 cents more than a month ago, and $1.36 more than a year ago.

Monday

Sunday

Week Ago

Month Ago

One Year Ago

National

$4.328 $4.317 $4.194 $4.123 $2.962

Wisconsin

$4.110 $4.089 $3.934 $3.789 $2.846

Appleton

$3.981 $3.980 $3.817 $3.648 $2.773

Eau Claire

$4.098 $4.090 $3.986 $3.688 $2.869

Green Bay

$4.086 $4.083 $3.886 $3.758 $2.826

Janesville-Beloit

$4.095 $4.090 $3.912 $3.709 $2.803

La Crosse

$3.998 $3.974 $3.863 $3.676 $2.875

Madison

$4.056 $4.047 $3.883 $3.733 $2.793

Milwaukee

$4.233 $4.208 $4.010 $3.845 $2.855

Wausau

$4.101 $4.075 $3.911 $3.722 $2.840

Click here to view current gasoline price averages