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Economy
In reply to the discussion: Weekend Economists Hit the New Year (and it hits back) Goodbye 2013 / Hello 2014! [View all]xchrom
(108,903 posts)43. Average U.S. Pump Prices Poised to Decline in 2014, AAA Says
http://www.bloomberg.com/news/2013-12-31/average-u-s-pump-prices-poised-to-decline-in-2014-aaa-says.html
Drivers in the U.S. will probably pay an average of 5 cents a gallon less in 2014 than this year as refineries produce more fuel, AAA said.
The price of regular gasoline averaged $3.49 a gallon this year, making 2013 the least expensive year to fill up since 2010, according to Heathrow, Florida-based AAA, the nations largest motoring club. Prices in 2012 averaged a record $3.60 a gallon and $3.51 in 2011.
U.S. gasoline production jumped 4.3 percent to 9.72 million barrels a day in the week ended Dec. 20, the most in data going back to 1982, the Energy Information Administration reported on Dec. 27. Refiners have ramped up operations to benefit from a flood of less-expensive domestic crude oil as U.S. output reached the highest level in 25 years.
Our hope is that prices will continue to fall as cars grow increasingly fuel efficient and refineries expand production to take advantage of the recent boom in North American crude oil, Avery Ash, a spokesman for AAA in Washington, said in a statement.
Drivers in the U.S. will probably pay an average of 5 cents a gallon less in 2014 than this year as refineries produce more fuel, AAA said.
The price of regular gasoline averaged $3.49 a gallon this year, making 2013 the least expensive year to fill up since 2010, according to Heathrow, Florida-based AAA, the nations largest motoring club. Prices in 2012 averaged a record $3.60 a gallon and $3.51 in 2011.
U.S. gasoline production jumped 4.3 percent to 9.72 million barrels a day in the week ended Dec. 20, the most in data going back to 1982, the Energy Information Administration reported on Dec. 27. Refiners have ramped up operations to benefit from a flood of less-expensive domestic crude oil as U.S. output reached the highest level in 25 years.
Our hope is that prices will continue to fall as cars grow increasingly fuel efficient and refineries expand production to take advantage of the recent boom in North American crude oil, Avery Ash, a spokesman for AAA in Washington, said in a statement.
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