Jun. 13—EAU CLAIRE — Gasoline prices hit a record high Sunday in the Chippewa Valley, continuing the recent surge reflecting the soaring cost of oil.
The average price of a gallon of regular unleaded gasoline in Eau Claire climbed to $4.82 on Sunday before dipping slightly to $4.81 Monday morning, according to AAA.
Monday's per-gallon price was up 15 cents from a week earlier, 69 cents from a month earlier and $1.90 from a year earlier, when gas was selling for an average of $2.91.
Until this spring, the highest recorded average gas price in Eau Claire had been $4.16 on May 22, 2013, AAA figures show.
Perhaps the only consolation for Chippewa Valley motorists is that local gas prices are below the state and national averages.
Domestically, the national average for a gallon of gas on Monday hit $5.01 — the highest price since AAA began collecting data in 2000 and the first time the average has broken the $5 barrier. The Wisconsin average was $4.92 on Monday.
The cost of a barrel of oil is over $120, nearly double last August's price, as increased oil demand outpaces the tight global supply, AAA reported.
Analysts also have cited Russia's invasion of Ukraine and the resulting sanctions by the United States and its allies as contributing to the rise in gas prices.
Despite the increasing cost of fuel, AAA indicated that domestic gasoline demand remains robust as the summer driving season ramps up.
"Based on the demand we're seeing, it seems high prices have not really deterred drivers," AAA spokesman Nick Jarmusz said in a news release. "If prices stay at or above $5, we may see people start to change their daily driving habits or lifestyle, but it hasn't happened yet."
According to new data from the Energy Information Administration, total domestic gasoline stocks decreased by 800,000 barrels to 218.2 million barrels last week. Meanwhile, gasoline demand grew from 8.98 million barrels per day to 9.2 million barrels per day as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases.
The dynamic between decreased supply and increased demand is contributing to rising prices at the pump and, coupled with increasing oil prices, means the price of gas will likely remain elevated for the near future, AAA said.
Meanwhile, the price of diesel fuel in Eau Claire also hit a record high —$5.40 per gallon — on Monday.