Fill ‘er up? Higher gasoline prices forecast

Motorists will be digging a bit deeper for the second straight year as the yearly national average will rise 19 cents versus last year to $2.57 per gallon, highest since 2014, according to the 2018 Fuel Price Outlook by Boston-based GasBuddy.

Some highlights from its Fuel Price Outlook:

  • The average household will see its gasoline bill rise to $1,898, up from $1,765 in 2017.
  • Most of the country will see prices peak under $3 per gallon, but unexpected disruptions could push the national average close to $3.
  • Metro areas including Chicago, Los Angeles, New York City, Sacramento, San Francisco, Seattle, and Washington D.C. will likely see prices eclipse $3 per gallon.

Why the rising prices?

“Ultimately, OPEC bears much of the responsibility for cutting oil production, leading oil inventories to begin 2018 nearly 50 million barrels lower than a year ago. Yet, understanding many factors, including OPEC, fuel taxes, the economy and their impact on supply and demand is integral to providing a thorough and balanced outlook on gas prices for 2018,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.