Gasoline prices soon to hit low point for 2012

Published on NewsOK Modified: December 14, 2012 at 8:34 pm •  Published: December 14, 2012
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AAA says 93.3 million people will travel at least 50 miles between Dec. 22 and Jan. 1, the most since 2006. So, the falling price of gas will provide a little relief to motorists, who've been digging deep for gas money all year. The average driver will pay a little less than $2,700 for 744 gallons of gasoline this year, which will be a record, according to data from Oil Prices Information Service.

Americans' fuel bill ran up even as they used the least amount of gas in more than a decade. The slower U.S. economy and an increase in fuel efficient cars helped cut gasoline consumption, which government data show peaked in 2007. Consumption is expected to be about 8.73 million barrels per day this year, which would be the lowest level since 2001.

Prices should be cheaper next year, forecasters say.

Barring unexpected events like hurricanes or a conflict that disrupts oil supplies from the Middle East, OPIS chief oil analyst Tom Kloza said the nationwide price for gas should stay below $4 per gallon in 2013. The government is predicting $3.43 a gallon for next year, which would be the lowest price since 2010 when gas averaged $2.78 a gallon.