First Posted: 1/7/2015
LIMA — Those who have been optimistic about low gas prices may not be able to look forward to them continuing all year.
GasBuddy.com recently released its yearly fuel outlook for 2015, and its analysts don’t think prices will be staying below $3 as many may have hoped.
“It’s going to be difficult for Americans to face another spring-time spike in gasoline prices but hopefully, when we do see prices climb it will be much more palatable especially if we see pump prices start with a $2- instead of a $3- for most of the time,” said Gregg Laskoski, GasBuddy Senior Petroleum Analyst, in a statement.
Analysts at GasBuddy.com estimate that gas prices will increase in the spring, reaching their highest projection of $3.14 in May.
The worst spikes are likely to happen in Illinois and the Great Lakes region, according to the report, though they will be “muted” by the decrease in 2014 prices.
Though estimations aren’t as bad as prices were just a few months ago, consumers may have been spoiled by low prices at the pump.
“As much we were thrilled by $2.99 gas at Thanksgiving time, we now enjoy $1.99 gas in many places,” according to a statement from Patrick DeHaan, senior petroleum analyst. “I fully expect we’ll soon become complacent with those $2.99 prices once these sub-$2 prices stick around a bit longer.”
The report goes on to state that 2015 should show a more “temperate gasoline price background that 2012, 2013 and 2014.”
For the year, GasBuddy predicts that the average price in the U.S. will be $2.64 a gallon.
This average will make for a savings of $97 billion compared to the $465 billion drivers paid for gas in 2014, according to the report.
