MILWAUKEE -- A hike in gas prices have hit the Milwaukee area just in time for holiday travel. Gas prices jumped 10% in just one day leaving drivers stunned.
Drivers who hit gas stations early on December 22nd probably saw gas prices around $3.05, but people who waited until they finished work found a significantly higher price.
Analysts blame the spike on the increased cost of crude oil, combined with a big drop in oil inventories. Investors may be spooked by the change of leadership in North Korea as well. Patrick DeHaan from GasBuddy.com said, "Whenever there's destabilization or the potential of destabilization of a region, oil prices go up on the worry."
Wisconsin's average gas price on December 22nd matches the national average. DeHaan says, "Gas prices will have never been higher on Christmas Day than they will be this year, and that sets a dangerous tone for 2012."
Gas prices traditionally rise 93 cents from the first of the year to the summer months when prices peak.