Expect Higher Gas Prices This Year

on January 12, 2012 at 6:00 AM

The economy is making gains on its path to a slow recovery, which means consumers can expect higher gas prices this year. “When the economy improves, we will be using more petroleum,” explains Patrick DeHaan, senior petroleum analyst at GasBuddy.com. “It’s all but a certain that prices will likely go up this year.” The Department of Energy released its 2012 oil forecast Tuesday, upping the price of crude oil to $100 per barrel, which could be bad news for consumers because the price of oil directly correlates with gas prices. For 2011, the average price per barrel of U.S. crude oil was $95 per barrel, according to the Energy Department, and according to GasBuddy.com, the yearly average for 2011 was $3.51 per gallon. The current national average of unleaded regular gas two weeks into 2012 is $3.34 per gallon. With the current national average so high at the beginning of the year, DeHaan says things aren’t looking good for motorists. This article is a linkout: http://www.foxbusiness.com/personal-finance/2012/01/11/expect-higher-gas-prices-this-year/#ixzz1jBnHe6TI