Tags: GasBuddy | Drivers | 2014 | 2013

GasBuddy: Drivers May Like 2014 Better than 2013

By    |   Sunday, 29 Dec 2013 11:58 AM

According to analysts' predictions, American drivers can look forward to lower overall gasoline prices in 2014, but not without some volatility.

In a recent report, Gasbuddy.com projected the average price of gasoline in 2014 will fall below $3.40 per gallon. That's about 10 cents lower than this year's average price, and it marks the first time gas has hit such levels since 2010, says CNBC, which reported on the Gasbuddy prediction.

That projection falls in line with government forecasts, as the the U.S. Energy Information Administration foresees gasoline averaging $3.43 a gallon next year.

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Gasbuddy's analysts attribute falling gas prices to increasing energy independence as domestic production rises. Driven by the shale-oil boom, U.S. crude production has reached levels not seen since 1989, GasBuddy analysts reported.

“With the shale oil boom just hitting its stride, the United States has heavy layers of insulation that should protect it from price spikes that could impact other continents,” the GasBuddy report said.

The interior of the country, where crude oil is most heavily discounted, should have the greatest insulation against “super-spikes,” analysts added.

But GasBuddy warns it won't be a smooth ride for gas prices, says WIFR 23News.

“Make no mistake. There will continue to be volatility; that is, prices will be low during the cool months and perhaps much higher during the summer,” said Patrick DeHaan, GasBuddy's senior analyst.

According to the GasBuddyreport, prices could surge in the spring, peaking at about $3.85 a gallon. In California, gas could cross the $4-a-gallon mark around the end of the first quarter, CNBC says analysts noted.

Factors that are likely to drive next year's volatility include storms and issues in the Middle East. Maintenance at U.S. refineries may also play role, especially in Illinois, the GasBuddy report said.

“But by and large when you average the entire year, Americans will be looking at spending less at the pump than they did this year,” DeHaan noted in the WIFR report.

Editor’s Note: Weird Trick Adds $1,000 to Your Social Security Checks

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According to analysts' predictions, American drivers can look forward to lower overall gasoline prices in 2014, but not without some volatility. In a recent report, Gasbuddy.com projected the average price of gasoline in 2014 will fall below $3.40 per gallon. That's about...
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Sunday, 29 Dec 2013 11:58 AM
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