Gas Prices Headed Back Up
Written by Andrew-Rossi on January 3, 2019
Gas prices around the country could be headed back up over the $3 mark.
The website GasBuddy predicted this week that the average gas price for the upcoming year will be $2.70 per gallon, slightly less than last year, but an expert says that the national average could surge to over $3 per gallon as soon as May.
At the beginning of the week, gas prices averaged $2.57 per gallon in Wyoming; prices in the Big Horn Basin range from that state average in Powell to $2.74 in Greybull, with prices hovering in between at $2.64 in some locations in Cody.
Patrick DeHaan, head of petroleum analysis at GasBuddy, says that as OPEC production cuts and a strong U.S. economy push gas prices back up, the fall in prices that we’ve seen lately will most likely come to an end.
He says that the national average is forecast to rise as much as $1 per gallon from a low in January to a possible peak in May, but economic jitters could weigh heavily on where gas prices go in 2019. DeHaan added that the average household can expect that their annual gasoline spending will fall slightly to $1,991, that’s down $25 from 2018.