Oil Analysts Predict Gas Price Trend for 2014

11:10 AM, Jan 21, 2014   |    comments
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GREENSBORO, N.C. -- Oil analysts have predicted the low gas price trend will remain constant through 2014, following a year in which gas prices reached the lowest they had been in three years.

AAA told CNN Money it is confident prices will remain low nationwide due to several factors. Primarily, cars are becoming increasingly fuel efficient, and refineries are expanding production to seize the latest spike in North American crude oil. The chief oil analyst for the Oil Price Information Service said the boom in oil production is why North America has the lowest price for crude oil anywhere in the world.

Gas prices fluctuated Tuesday, as people began filling up their cars. As of 10:45 a.m., the national average was $3.268, North Carolina was $3.291 and Greensboro was $3.292. This Greensboro price compares to Monday's $3.285, last week's $3.296, last month's $3.212 and last year's $3.358.

Gas prices in the Triad span from $3.15 to $3.75. Lexington has pumps with both the cheapest and most expensive gas. According to GasBuddy.com, the Wilco Hess and Murphy USA on Cotton Grove Road in Lexington are selling gas for $3.15 per gallon. Oakview Oil Company on Old Winston Road in High Point has the second-lowest price per gallon at $3.19.

The most expensive pumps in the Triad are PURE on Raleigh Road in Lexington, where gas costs $3.75 per gallon. The second-highest is at Stokesdale Service Center on US-158 in Stokesdale, where gas is $3.49 per gallon. A viewer who identified himself as someone affiliated with Stokesdale Service Center explained to WFMY News 2 that the gas station's fuel does not contain ethanol, and the service station is also one of the last gas station drivers on their way to the lake. Therefore, he indicated the price of gas at the service station is actually cheap, given those factors.

Gas also is $3.49 at Liberty on Brentwood Street in High Point.

By using the GasBuddy website or mobile app, viewers can select a zip code and find a compilation of the cheapest and most expensive gas stations in the area.

Last year, South Carolina was the state with the lowest average gas price--$3.24. The highest average state price was in Hawaii, where gas per gallon was $4.24. California had the second-highest gas per gallon at $3.89.

WFMY News 2

 

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