Gas prices reach highest point across Milwaukee, Wisconsin, nation

Gas prices have hit yet another all-time high price in Wisconsin, Milwaukee and the United States.

The average price for a gallon of regular gas in the Milwaukee/Waukesha metro area stood at $5.11 on Monday, the highest average price ever, according to travel organization AAA and its Daily Fuel Gauge report.

The price in the metro area is up 48 cents a gallon since last week.

For the state of Wisconsin, the average price per gallon is $4.81, also the highest average price ever. The price has risen 39 cents a gallon since last week.

Across the US, a gallon of regular gas was selling for an average of $4.87 a gallon, also the highest average price ever.

A gallon of diesel fuel was selling for $5.65 a gallon on average across the US, according to AAA. That’s also the highest price ever.

There is no relief in sight.

The cost of a barrel of oil, which makes up nearly two-thirds of the cost of a gallon of gasoline, is nearing $120, “nearly double from last (year), as increased oil demand outspaces the tight global supply,” AAA said print a statement on Monday.

A year ago, crude was trading around $70 a barrel.

Crude oil, the price of which is soaring, is the largest contributor to the cost of a gallon of gasoline in the US

“Meanwhile, domestic (US) gasoline demand rose last week in the wake of a robust Memorial Day weekend of travel,” AAA said in the statement. “As a result, the national average for a gallon of gas surged 25 cents in one week…”

How long that fuel demand continues to be an elevated price approach and top $5 a gallon of quality, remains a big question.

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