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.