Gas prices are likely to remain relatively low in 2016. Have you wondered if we would see $1.50 gas this year? Some 'Boro discounters started this week at $1.58 per gallon for regular gas.
AAA estimates the annual average price of gas in 2016 is likely to end up between $2.25 and $2.45 per gallon, which would be cheaper or at least comparable to this year's average of $2.40 per gallon.
"Motorists enjoyed some of the cheapest gas prices in years thanks to a global glut in oil supplies which helped keep the price of oil and gasoline production costs low," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gas prices remained at their lowest level for the year-end holidays since the 2008-09 holiday season. Increased demand from holiday travelers temporarily froze prices in place, but gas could get even cheaper in January as demand tapers off."
Energy prices are forecast to remain low next year, according to the U.S. Energy Information Administration. The EIA projects the price of WTI oil to average $50.89 next year ($49.08 in 2015), and a gallon of gasoline to average $2.36 - 7 cents lower than last year's average. According to EIA data, gasoline will average $2.06 in the early winter months (Jan 1-Feb 29), $2.38 in the spring (Mar 1 - May 31), $2.55 in the summer (June 1 - Aug 31), $2.38 in the fall (Sept 1 - Nov 30), and $2.24 for the month of December.
Possible Seasonal Increase Next Month
Based on typical seasonal trends, the national average price of gas could remain relatively flat, or drop another 10 cents per gallon over the next few weeks. By late winter, the national average could rise 50 cents per gallon or more as refineries conduct seasonal maintenance in advance of the busy summer driving season. Despite the likelihood of higher prices by spring, AAA does not expect the national average price of gas to rise above $3 per gallon in 2016.
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Sunday | Saturday | Week Ago | Month Ago | Year Ago | ||
| National | $1.992 | $1.994 | $2.000 | $2.045 | $2.217 | ||
| Florida | $1.998 | $1.998 | $2.007 | $2.068 | $2.324 | ||
| Georgia | $1.899 | $1.900 | $1.911 | $1.982 | $2.203 | ||
| Tennessee | $1.749 | $1.751 | $1.761 | $1.859 | $2.060 | ||
| Click here to view current gasoline price averages | |||||||
