Gasoline hits $1.80 nationwide average and $1.21 in one state
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The nationwide average for a gallon of gasoline reached $1.80 on Wednesday, according to AAA.
That’s down 34 cents from a month ago and due to an ongoing supply glut that has driven global crude oil prices to two-decade lows. Gas prices in several states have dropped below $1.49, with Wisconsin leading the way at $1.21, GasBuddy.com reported.
{{#rendered}} {{/rendered}}Gas Buddy analyst Patrick De Haan says the national average could reach $1.49 before things turn around, which would mark a level that hasn’t been seen since 2004, but he doesn’t expect consumers to see the full effect of the oil price collapse.
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“Unfortunately for motorists, it may not fully make it to the pump given that stations are trying to keep the doors open – by holding prices from falling -- even with volume down 50-70 percent,” De Haan said.
{{#rendered}} {{/rendered}}According to the National Association for Convenience and Fuel Retailing (NACS), a typical retailer turns a profit of just 5 to 10 cents per gallon of gasoline sold.
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For now, gasoline can be found for under $1.00 in a number of states and less than 90 cents in Michigan and Wisconsin, where a Marathon Gas station in Francis Creek listed regular for 86 cents on Wednesday morning.