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Gas prices jump over past month in Wisconsin

Gas Prices on the Rise
Gas Prices on the Rise

MADISON, WI (WTAQ) - Wisconsin gas prices have jumped by almost 20 cents a gallon in the past week.

Experts blame a recent jump in crude oil prices, and a drop in U.S. gas stockpiles.

The Wisconsin AAA says the average statewide price of regular unleaded is $3.651 per gallon Monday morning, up from $3.458 a week ago.

Meanwhile, crude oil prices retreated a bit Monday morning. Benchmark crude for August delivery dropped to about $105 a barrel. That’s still represents a 10 percent increase for the month.

Analysts say it’s due to unexpected drops in U.S. gas inventories, which signaled a higher than expected demand. The removal of Egypt’s president in a coup this month is also blamed for the crude oil hike.

On the other hand, fuel demand is said to be down in China, after a second straight quarter of slower economic growth.

What this all means for U.S. customers is uncertain.

Patrick DeHaan of GasBuddy.Com says we could see a “roller coaster” of fuel prices for the rest of the summer. Merrill Lynch analyst Francisco Blanch expects the increases to subside in about a month.