Gas prices rise nearly 12 cents/gallon in Milwaukee as cold weather affects refineries, survey finds

  • Feb 22, 2021
  • WTMJ

Gas prices in Milwaukee have risen nearly 12 cents per gallon in the past week, according to a new GasBuddy survey.

The price of gas in Milwaukee is averaging $2.52 a gallon, according to GasBuddy's survey of 615 stations in the city. The survey found that the price of gas now stands 20 cents per gallon more than a year ago.

According to the survey, gas prices in the past week have risen 11.9 cents. Gas prices in Milwaukee are nearly 30 cents higher than a month ago.

"With last week's extreme cold shutting down millions of barrels per day in refinery capacity, gas prices have seen their largest weekly climb in quite some time," said Patrick De Haan, head of petroleum analysis for GasBuddy.

According to GasBuddy, the cheapest station in Milwaukee is priced at $2.32/gallon, while the most expensive is at $2.69/gallon.

"I think the real gist of what is driving prices here, in last week across the country is what happened last week in the State of Texas extremely cold weather shut down a dozen refineries that take cruel and turn it into gasoline, diesel, jet fuel things like that. That amounted to about 20% of all US capacity, so we're talking about a lot of capacity that was forced offline," said De Haan.

De Haan said, supply and demand is also another driving force as the country continues to recover from COVID-19

"Cases are down vaccinations are up, but that's also pushed gasoline demand backup and that's kind of where the intersection here is happening to push prices up demand is up supply is down, not only that, but oil production is down as well, so Those are just some of the ingredients here," said De Haan.

De Haan said he expects prices to continue to go up slightly and level off in the next couple of weeks. His main message for drivers shop around.

"You may find a station that's 30 cents a gallon higher or lower than where you were planning to go, and I think that's The easiest way to at least save a few hundred bucks," said De Haan.