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Average gas prices headed lower in 2014

On average, a gallon of gas cost more than 10 cents less last year than it did in 2012. Experts say that trend will continue.

By Money Staff Jan 2, 2014 1:00PM

This post comes from Christopher Freeburn at partner site InvestorPlace.


InvestorPlace on MSN MoneyRising refinery production is likely to send gas prices lower this year.


Filling fuel tank © CorbisThe AAA predicts that the average price of a gallon of gasoline will fall 5 cents in 2014. Gas prices have the potential to fall to their lowest level since 2010 this year. In 2013, gas prices averaged $3.49 a gallon, down from $3.60 a gallon the year before, Bloomberg notes.


Last year, drivers in South Carolina paid the lowest average gas prices around $3.24 a gallon, while California had the highest average gas price at $3.89 a gallon. During 2013, gas prices sank under $3 a gallon at least briefly in twelve states. In 13 states, gas prices temporarily topped $4 a gallon.


In late December, U.S. gas production hit 9.72 million barrels a day, up 4.3 percent and the highest daily gas production since 1982.  More abundant supplies of domestic crude oil should begin to push gas prices down this year.


The U.S. is now producing the most domestic crude oil in a quarter of a century. In fact, U.S. oil production has reached a level that promises to move the country closer than ever to energy self-sufficiency.


Surging domestic oil production comes even as the government presses automakers to build vehicles that get more miles per gallon.


More from InvestorPlace:

Jan 2, 2014 1:22PM
When gas prices go below $2.90, then you can report on that and that would be something worth reporting!
Jan 2, 2014 1:41PM
How many times have you reported that prices were dropping and they haven't?  Gas should be below $2.50 a gallon now but they're holding it up. 
Jan 2, 2014 1:28PM

Bahahahahahah!!!!!!!!   What a bullsh*t article!  Price jumped five cents yesterday. Total jump in a week's time is twelve cents.

Dumba** media sheep writing propaganda "feel good about the world" articles!!!!


Jan 2, 2014 1:24PM
up 33 cents in two weeks....minneapolis,mn
Jan 2, 2014 2:15PM
Crude oil is down 7 dollars a barrel yet gas has jumped up .29 cents over the holiday. Can you say price gouging!
Jan 2, 2014 1:27PM
The Big Oil companies wont let it drop too low!!
Jan 2, 2014 1:38PM
Don't know who Chris Freeburn is trying to fool about gas prices. Where does he get his reports?
My hometown just raised 10-12 cents per gallon recently.

LOL --- Gas prices expected to keep falling, yet they jumped $0.50 per gallon just in time for the Holidays!  And this isn't GOUGING? Plain and simple, GREED and CORRUPTION allowed to run rampant.


Time for a HUGE change.

Jan 2, 2014 2:09PM
Funny... lately all I have seen is gas prices going up up and up!
Jan 2, 2014 1:39PM

The damage is done? Even if they dropped below $2 do you think the prices of everything that was forced higher by transportation costs how many times now would go down? I bet not! Just like the health care debacle, even if it fails do you think costs will come back down? We need major changes to happen now beginning with the end of the penny and nickel if their cost to produce cannot be brought back in line with their worth? 

Jan 2, 2014 2:02PM
up17cents in 2 weeks here lol they spew this **** out like we cant see the price at the pumps,
Jan 2, 2014 2:05PM

Where is the savings we're supposed to see from becoming less reliant on foreign oil? Gas prices are still rediculous. Where is the saving we;re supposed to see from all of the energy conservation mandates? Electricity rates haven't come down at all. I think we're all just being screwed by the democrats

Jan 2, 2014 1:55PM
What happens when you alow monopolies in capitalism.
Jan 2, 2014 1:25PM
Jan 2, 2014 1:58PM
In pa we just got hit with a 38 cent a gallon tax because of our POS governor. . I really regret voting for him .
Jan 2, 2014 1:44PM
The objective of raising the price of everything else is done, because of fuel costs, now they can start lowering the PPG.

It's like war, it's not over till the profit margins met.

Jan 2, 2014 2:12PM
It could fall a lot more if oil companies would build more refineries
Jan 2, 2014 1:59PM
obama wont let it drop to far he owes his sugar daddy soros big time.
Jan 2, 2014 2:11PM
Maybe we can hit a 1.50 a gallon. If not I care less, just full of bull n greed
Jan 2, 2014 2:00PM

Fall a nickle in a year?  In 10 years that's 50 cents...but add back inflation....


Folks, quit beinga sucker and lapdog for the oil boys who make you pump it in the snow, clean your own windshield and come inside to get a receipt...if they are too lazy to put paper outside.  And you are willing dupes.


If one mentions alternative fuels, like an idiot, you come here and bash the ideas.   Meanwhile the Koch brothers are laughing at you.

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