Gas Prices Expected to Drop in 2014
The American Automobile Association (AAA) reports that motorists in the U.S. will most likely pay an average of 5 cents a gallon less in 2014 than in 2013. This drop is attributed to the fact that refineries have ramped up production to produce more fuel.
According to AAA, the price of regular gasoline averaged $3.49 a gallon this year, making 2013 the least expensive year to fill up since 2010. 2012 prices averaged a record $3.60 a gallon, 2011 averaged $3.51.
U.S. gasoline production is on the rise, a direct result of a larger supply of less-expensive domestic crude oil as U.S. output reached the highest level in 25 years.
Avery Ash, a spokesman for AAA, said “Our hope is that prices will continue to fall as cars grow increasingly fuel efficient and refineries expand production to take advantage of the recent boom in North American crude oil.”
The cheapest gasoline in 2013 was in South Carolina, where drivers paid an average of $3.24. The most expensive prices were in California, where the average price was $3.89 a gallon.
The highest national average this year was $3.79 in February. The lowest was $3.18 in November. Twelve states dropped below $3 per gallon at some point during the year and rose above $4 in 13 states. Wyoming saw the lowest one-day level in the country during the year, reaching $2.80 in January.
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