Gas prices in 2018 could be highest in four years, group warns

Gas prices in 2018 could be highest in four years, group warns
Posted at 6:44 AM, Jan 03, 2018

Drivers hoping to see a relief at the gas pump this year could be in a rude awakening, as 2018 prices could be the highest in four years, according to the 2018 fuel price outlook from GasBuddy.

The annual outlook predicts that the national average will rise 19 cents compared to last year. GasBuddy says the price could rise to $2.57 per gallon, the highest since 2014.

According to GasBuddy, the outlook predicts drivers will see the highest average price across the country between April and June, where they predict gas prices will average $2.70 per gallon, $2.73 per gallon and $2.63 per gallon respectively.

“Many will be quick to ask why we’re expecting higher 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," GasBuddy Head of Petroleum Analysis Patrick DeHaan said in a release.

GasBuddy also reports that the nation's gas bill will rise to $364.6 billion, which expects to be $25 billion more than last year.

The average house spent $1,765 on gas in 2017 but they expect that to go up to $1,898 in 2018.

While gas prices are expected to rise, GasBuddy's forecast does not expect any record-breaking prices to be set in 2018 and most of the country should stay under $3.00 per gallon. They predict that Detroit could get close to $3 a gallon, however.

For more information, their annual 2018 Fuel Outlook can be found here. 

RELATED: Record-setting U.S. cold roils commodities markets