Lower gas prices expected into 2013

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by 13News

WVEC.com

Posted on December 12, 2012 at 7:35 AM

Updated Wednesday, Dec 12 at 7:40 AM

WASHINGTON, DC - It's been a roller coaster ride this year when it comes to gas prices. The Energy Dept. Wednesday will release the latest information on prices, expecting a continued drop through the Christmas holiday.

Around the country, prices have dropped a dime in the last month. More in some places and they could drop another ten cents by New Year's.

Prices are falling because demand is down and because supplies are the highest they've been since last May.

And the experts say those trends should continue until springtime - so, prices should keep falling for a while. Even so, prices are a nickel a gallon higher than a year ago. We'll set a record high this year with 2012's average price around $3.60 a gallon, even though demand was the lowest since 2001. Analysts say refinery problems contributed to that.

The "fiscal cliff" could effect prices for the start of 2013. If Congress takes the economy "over the cliff" into another recession, demand for gas would fall even more and prices likely would fall, too.

 

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