Average Gas Prices Headed Lower for 2014

Prices were down again from 2012's high


money in gas tank 300x180 Average Gas Prices Headed Lower for 2014Rising refinery production is likely to send gas prices lower this year.

The AAA predicts that the average price of a gallon of gasoline will fall 5 cents in 2014. Gas prices have the potential to fall to their lowest level since 2010 this year. In 2013, gas prices averaged $3.49 a gallon, down from $3.60 a gallon the year before, Bloomberg notes.

Hess 185 Average Gas Prices Headed Lower for 2014
BJ’s Wholesale May Buy Hess Gas Stations

Last year, drivers in South Carolina paid the lowest average gas prices around $3.24 a gallon, while California had the highest average gas price at $3.89 a gallon. During 2013, gas prices sank under $3 a gallon at least briefly in twelve states. In 13 states, gas prices temporarily topped $4 a gallon.

In late December, U.S. gas production hit 9.72 million barrels a day, up 4.3% and the highest daily gas production since 1982. More abundant supplies of domestic crude oil should begin to push gas prices down this year.

The U.S. is now producing the most domestic crude oil in a quarter of a century. In fact, U.S. oil production has reached a level that promises to move the country closer than ever to energy self-sufficiency.

Surging domestic oil production comes even as the government presses automakers to build vehicles that get more miles per gallonHess 185 150x150 Average Gas Prices Headed Lower for 2014.

Article printed from InvestorPlace Media, http://investorplace.com/2014/01/average-gas-prices-headed-lower-2014/.

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