It’s early to say, but gas prices may fall

Monday, January 21, 2013
Chris Woodward (

A policy expert says it's too soon to say that American consumers will see cheaper gas prices this year. 

Recently on January 11, The Associated Press reported that drivers' annual gas bills are expected to drop for the first time in four years, due to what forecasters are calling ample oil supplies and weak U.S. demand. Meanwhile, the Energy Department has stated that the average price for a gallon of gas will fall five percent.

Dan Kish, senior vice president of policy at the Institute for Energy Research, isn't so sure.

Kish, Dan (IER)"One of the important things to remember about Washington and/or people who are involved in these various industries, they're expected to make estimates of what things are going to cost," he points out. "They do their best, but ultimately it's probably pretty early." 

Still, Kish says the probability of cheaper prices is not out of the question.

"We are increasing oil production in this country faster than at any time in the history of this country because of the private sector. Those additional supplies here at home put downward pressure on gas prices," he says. "Provided that government can't figure out a way to mix it up and Congress does not make any mistakes, we do stand the prospect of some lower prices."

Heading into last weekend, the national average for regular gasoline was actually six cents more than the same time last month. Meanwhile, AAA's Fuel Gauge Report shows that drivers in California and the New England states are still paying well above the national average.

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