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Gas prices will soon drop to their lowest level of the year.
By Monday, the national average should fall below the $3.28 a gallon that drivers paid on Jan. 1, according to analysts. The drop is a gift for those hitting the road during what is expected to be the busiest Christmas travel season in six years.
Still, it’s more like a stocking stuffer. That’s because for the second straight year, Americans will spend a record amount on gasoline.
The government estimates that gas averaged $3.63 a gallon this year, 10 cents above the record set a year ago.
Drivers can only hope that forecasts for lower prices next year come true.
A combination of high oil prices and supply shortages caused by refinery and pipeline problems kept gas prices elevated for most of the year.
The national average hit a high of $3.94 a gallon in early April and was around $3.87 in September after Hurricane Isaac disrupted supplies from the Gulf Coast.
Prices in most areas have fallen since then as supplies got replenished and refiners switched to cheaper winter blends of fuel.
However, New York and New Jersey saw temporary spikes in November due to Superstorm Sandy. At $3.77 a gallon, New York’s average price is the second-highest in the nation, behind Hawaii’s $4, according to auto club AAA. (AP)
By Monday, the national average should fall below the $3.28 a gallon that drivers paid on Jan. 1, according to analysts. The drop is a gift for those hitting the road during what is expected to be the busiest Christmas travel season in six years.
Still, it’s more like a stocking stuffer. That’s because for the second straight year, Americans will spend a record amount on gasoline.
The government estimates that gas averaged $3.63 a gallon this year, 10 cents above the record set a year ago.
Drivers can only hope that forecasts for lower prices next year come true.
A combination of high oil prices and supply shortages caused by refinery and pipeline problems kept gas prices elevated for most of the year.
The national average hit a high of $3.94 a gallon in early April and was around $3.87 in September after Hurricane Isaac disrupted supplies from the Gulf Coast.
Prices in most areas have fallen since then as supplies got replenished and refiners switched to cheaper winter blends of fuel.
However, New York and New Jersey saw temporary spikes in November due to Superstorm Sandy. At $3.77 a gallon, New York’s average price is the second-highest in the nation, behind Hawaii’s $4, according to auto club AAA. (AP)
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Articles by Korea Herald
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