Outlook for Gas Prices in 2014

By: WIFR Newsroom
By: WIFR Newsroom

NATIONWIDE (WIFR) -- 2014 could be a wild year for gas prices. Luckily, analysts say it doesn't appear we'll hit that dreaded $4 mark anytime soon.

Gasbuddy.com says the yearly average price could dip below $3.40 next year, which is the lowest that number's been since 2010. They're factoring in higher domestic oil production as one of the reasons. But that doesn't mean prices will stay low all year long. Experts say it'll be a rollercoaster ride at the pump and prices could peak around spring time. It could even reach as high as $3.85.

"Make no mistake. There will continue to be volitility; that is prices will be low during the cool months and perhaps much higher during the summer," said Patrick DeHaan, GasBuddy.com senior analyst. "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."

GasBuddy says some of what could make next year's prices higher than expected are maintenance issues at U.S. refineries, storms and problems in the Middle East.


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