Tom Kloza, publisher and chief oil analyst at OPIS, expects prices to fall during the winter and then begin to climb again. He has forecast prices between $3.25 and $3.75 a gallon from March to May, unless there is an unforeseen global economic issue. Pump prices could rise above $4 a gallon again in some states for the peak vehicle driving season, if oil prices continue to climb.
Business management firm PortiaGroup just released a study with data supplied by OPIS, showing the average U.S. household will spend about $305 on gasoline this December, up almost 14 percent from last December and 76 percent more than December 2008. Gasoline is taking a bigger chunk out of median household income this year: 7.4 percent, compared with 6.5 percent last year and 4.2 percent two years ago, according to the study.
The average for regular gasoline in the US was $2.98 a gallon on Monday, according to the Energy Department’s Energy Information Administration. That’s roughly the the same as a week ago, and more than a dime higher than 30 days ago. Twelve months ago the average gas price was $2.59 a gallon.
This week average gas prices per gallon ranged from:
- $3.29 a gallon in San Francisco
- $2.72 Denver
- $3.17 Seattle
- $3.12 New York City
- $3.11 Chicago
- $3.09 Miami,
- $2.96 Cleveland
- $2.80 Houston
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For more info, go to Finance.yahoo.com.