Local gas prices continue to fall, but uncertainty may spoil the decline

MADISON – Average gasoline prices in Madison have fallen 14.8 cents per gallon in the last week, averaging $3.49/g on Monday, according to GasBuddy’s survey of 261 stations in the area. Prices are 59.8 cents per gallon lower than a month ago and stand 71.2 cents per gallon higher than a year ago. The national average price of diesel has decreased 19.2 cents compared to a week ago and stands at $4.990 per gallon. The national average price of gasoline has fallen 14.1 cents per gallon in the last week, averaging $3.85/g Monday. The national average is down 67.2 cents per gallon from a month ago and stands 67.3 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

“Average gasoline prices declined in nearly every state over the last week, while all 50 states saw average diesel prices move lower,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, the outlook is far from settled. New uncertainty has emerged after Iran suggested the Strait of Hormuz was closed, along with fresh warnings that the U.S. could again strike Iran, developments that could push oil prices higher in the days ahead. Despite this, gasoline prices aren’t yet at significant risk of a spike, as some vessels have continued to move through the Strait. Still, should the situation worsen or escalate further, motorists could see that risk change quickly.”