Fuel Price Outlook Predicts Increase
Written by Andrew-Rossi on January 4, 2018
Motorists will be digging a bit deeper to fuel their vehicles for the second straight year, as the yearly national average will rise 19 cents versus last year to $2.57 per gallon.
According to the 2018 Fuel Price Outlook released yesterday by GasBuddy, that’s the highest amount since 2014. In the Big Horn Basin, prices are already close to that mark, currently sitting at an average of $2.55 per gallon. Prices nationwide and in this region have been steadily increasing over the last two years, rising from a historic low of $1.69 in February of 2016.
GasBuddy’s 2018 Fuel Price Outlook predicts that the average household will see their yearly gasoline bill rise to almost $1900 – that’s over a thousand dollars more than 2017. Compared to 2016, motorists will be shelling out $62 billion more during the year – that’s enough to buy a fleet of 670 Boeing 737s.
GasBuddy’s forecast indicates that most of the country will see prices peak under $3 per gallon. Patrick DeHaan, head of petroleum analysis at GasBuddy, blames OPEC, fuel taxes, the economy and their impact on supply and demand.