Gasoline prices in 2014 expected to be lower this year

Gas in Norwalk was selling for slightly less than the Northeast Ohio average price.
Norwalk Reflector Staff
Dec 25, 2013

Average retail gasoline prices in Ohio have risen 16.1 cents per gallon in the past week, averaging $3.26 per gallon as the week began, according to GasBuddy's daily survey of 5,345 gas outlets in Ohio.

This compares with the national average that has increased 2.2 cents per gallon in the last week to $3.23/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices were 3.9 cents per gallon higher than the same day one year ago and are 1 cent per gallon higher than a month ago. The national average has decreased 2.4 cents per gallon during the last month and stands 0.9 cents per gallon lower than this day one year ago.

"Motorists hitting the road for Christmas travel are cringing as gasoline prices have picked up with the best now behind us," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "While prices will advance, I don't expect it to last too long — January and February generally also feature relatively low gasoline prices. And while motorists aren't looking forward to the higher prices, they may take some solace in our expectation that gasoline prices in 2014 should average lower than they will after 2013 is complete. Make no mistake — gas prices will see volatility, and there will be times when motorists will experience "motion sickness" at the pump, but that shouldn't discount that Americans will be able to spend less on a yearly basis in 2014 than they did this year," DeHaan said.

GasBuddy operates OhioGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In addition, GasBuddy offers a free smartphone app which has been downloaded over 25 million times to help motorists find the lowest gasoline prices in their area.

On Tuesday, Northeast Ohio gas prices were up more than 11 cents to $3.279 as 13.9 million drivers in the East North Central region embarked on their holiday travel trip.

The national average price of gas had been ticking higher in the days leading up to Christmas. The low for 2013, which was also the lowest price since February of 2011, came on November 12 when the national average registered $3.18 per gallon.

Tuesday’s national average price at the pump is $3.258 per gallon; almost two cents less expensive than one month ago, but up nearly four cents from last week and up a penny from the same date last year.

Even with the national average again on the rise, motorists across the country are experiencing different levels of pain at the pump versus last year’s holiday travel period.

After posting some of the lowest wholesale prices in the nation this fall, gas prices in the Midwest have jumped over the last week due to a number of refinery issues, and retail prices in that region have risen as a result.  The ten highest one-week increases are all in the Midwest, including three states where prices have surged a dime or more: Minnesota (+10 cents), Michigan (+11 cents) and Ohio (+13 cents).

West Texas Intermediate (WTI) crude oil begins a tenth consecutive week below $100 per barrel; however, WTI prices have made a recent run back toward the triple-digit threshold last breached in October.  At the close of Monday’s formal trading on the NYMEX, WTI settled 41 cents lower at $98.91 per barrel.

This week’s Northeast Ohio average price: $3.279. Two Huron County cities had prices that were less than that: Norwalk at $3.275 and Willard at $3.257.

Average price during the week of December 10, 2013: $3.165

Average price during the week of December 25, 2012: $3.226

Comments

Really are you ...

Bravo! Dazzle us with hundredths and thousandths of a dollar. From previous articles, extraction of oil produced by the United States has increased. You would think that there would be at least a dollar drop in price per gallon at the pump.

Kingsin

Problem is the majority of that oil is going to fuel China. Once it hits the open market- its up for grabs

Windy

Predicting gas prices is like forecasting the weather.