Gas prices expected to drop

Alicia Cross
January 13, 2018

Though Golden State prices are high, AAA said in a news release, they are expected to fall in coming weeks as travel demand subsides after a busy holiday travel season.

The AAA Texas auto club reported this week that Waco's average of $2.22 per gallon stands 9 cents higher than the $2.13 average local motorists were paying this time past year.

The least expensive gas price averages in Georgia were in Warner Robins at $2.27 per gallon, Catoosa-Dade-Walker at $2.28 and Rome at $2.28.

Crude prices and output aren't the only influences on the gasoline market - demand and production play big parts too.

The average dropped 1 cent to $2.39 in the Jacksonville area.

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USA shale producers may jump in to try to replace the production void and put some downward pressure on prices, DeHaan said, but for now the expectation is for gas prices moving higher this year.

The Dearborn-based auto club says late Sunday the average price for self-serve regular unleaded gasoline was about $2.63 per gallon. Ultimately, OPEC bears much of the responsibility for cutting oil production, leading oil inventories to begin 2018 almost 50 million barrels lower than a year ago.

However, McKinley said a major factor that should moderate gasoline prices this year is increased fracking activity in North American oil fields. The average was unchanged at $2.44 in Florida and went up 2 cents to $.236 in Georgia.

Oil has surpassed $62 a barrel for the first time since December 2013 due to oil supply tightening up. Meanwhile, gasoline demand, measured by the Energy Information Administration, has dropped significantly, contributing to a strong build in fuel availability.

Severe winter weather put a strain on the USA energy grid, but low consumer demand for gasoline left the price at the pump stable, market reports found.

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