gas prices
Analysts expect gas prices to decrease or remain mostly flat not only in 2014, but for years to come. Nonetheless, drivers in some states will see higher prices at the pump, starting January 1.
Gas prices may not have seemed all that cheap in 2013. But in fact, prices for the year as a whole were less expensive than they have been. According toAAA’s year-end report, American drivers paid $3.49 per gallon of regular, on average for 2013. That’s the cheapest per-gallon average since 2010; the national average was just above $3.50 in 2011 and hit $3.60 per gallon in 2012. Even so, 2013 stands as the third most expensive year for gasoline prices in U.S. history.
Looking forward, the experts predict that while gas prices will rise and fall from month to month, yet the overall trend is for prices to keep retreating in 2014. GasBuddy analysts say that thanks to increases in crude oil production at home, as well as forecasts of flat demand as consumers continue to scale back on driving and shift to more fuel-efficient cars, gas prices are likely to average under $3.40 in 2014. “When all the final figures are calculated, the average price next year will fall by about 10cts gal from 2013 numbers,” a GasBuddy post states.
AAA is predicting much of the same. “Gas prices most likely will average slightly less in 2014 as refineries continue to expand production capacity and increasingly rely on North American crude oil,” a year-end AAA post states. “Gas prices should average slightly less in 2014 if everything goes as expected, but most drivers may not even notice because the difference could be relatively small,” said AAA spokesman Avery Ash.
(MORE: Why the Era of High Gas Prices Is Supposedly Ending)
In some cases, drivers won’t benefit from the decline in wholesale gas prices because consumer prices will be flat or even higher thanks to rising gas taxes imposed at the state level. Essentially, as of January 1, the gas tax in Pennsylvania increases by 9.5¢ per gallon of
Gas prices may not have seemed all that cheap in 2013. But in fact, prices for the year as a whole were less expensive than they have been. According toAAA’s year-end report, American drivers paid $3.49 per gallon of regular, on average for 2013. That’s the cheapest per-gallon average since 2010; the national average was just above $3.50 in 2011 and hit $3.60 per gallon in 2012. Even so, 2013 stands as the third most expensive year for gasoline prices in U.S. history.
Looking forward, the experts predict that while gas prices will rise and fall from month to month, yet the overall trend is for prices to keep retreating in 2014. GasBuddy analysts say that thanks to increases in crude oil production at home, as well as forecasts of flat demand as consumers continue to scale back on driving and shift to more fuel-efficient cars, gas prices are likely to average under $3.40 in 2014. “When all the final figures are calculated, the average price next year will fall by about 10cts gal from 2013 numbers,” a GasBuddy post states.
AAA is predicting much of the same. “Gas prices most likely will average slightly less in 2014 as refineries continue to expand production capacity and increasingly rely on North American crude oil,” a year-end AAA post states. “Gas prices should average slightly less in 2014 if everything goes as expected, but most drivers may not even notice because the difference could be relatively small,” said AAA spokesman Avery Ash.
(MORE: Why the Era of High Gas Prices Is Supposedly Ending)
In some cases, drivers won’t benefit from the decline in wholesale gas prices because consumer prices will be flat or even higher thanks to rising gas taxes imposed at the state level. Essentially, as of January 1, the gas tax in Pennsylvania increases by 9.5¢ per gallon of