About those rapidly rising gas prices we saw toward the end of 2016 and into the start of the new year: According to one prominent tracker, we haven’t seen anything yet.
During 2017, motorists are expected to face the highest gas prices in three years, with GasBuddy projecting U.S. drivers collectively could spend $52 billion more at the pump than they did last year.
$2.49The projected cost for a gallon of regular unleaded gas in 2017, up from $2.13 last year
In its annual fuel price outlook, GasBuddy says the cost for a gallon of regular unleaded gas is expected to reach $2.49 in 2017, up from $2.13 last year. That’s a considerable jump, considering motorists saved $39 billion on gas in 2016 as compared to 2015.
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The national average for a gas on Wednesday was $2.35 a gallon, up from $1.99 a year ago, according to AAA’s fuel tracker.
“The list of factors being mixed into the yearly forecast has never been larger,” said Patrick DeHaan, a senior petroleum analyst for GasBuddy. “This year will see a new administration take over, perhaps the most oil-friendly in some time, and with so many unknowns in regards to policy changes, we’ll be keeping a keen eye on such along with taxation changes.
“But forecasting fuel prices, especially this year, remains a challenging balance of science and art.”
Forecasting fuel prices, especially this year, remains challenging balance of science and art.
Patrick DeHaan, a senior petroleum analyst for Gas Buddy
Across Florida, GasBuddy projects prices in the Tampa area will peak between $2.65-$2.95, in Orlando between $2.75-$3.05, and in Miami between $2.90-$3.20.
Nationally, the average price is projected to peak in May at $2.67 per gallon, while February is expected to feature the lowest price of the year at $2.32 per gallon.