Good news on the gas price front? - KNOE 8 News; KNOE-TV; KNOE.com |

Good news on the gas price front?

Posted: Updated:

MONROE, La., (KNOE 8 News) - For six of the last seven years U.S. retail gasoline prices have risen from Christmas Day to mid-January but this year could counter to that trend.

According to Patrick DeHaan, senior petroleum analyst with GasBuddy.com, That's because of the massive buildup in gasoline inventory just announced by the U.S. Dept. of Energy's weekly petroleum report. With an increase over the previous month of 16.1 million barrels (+7%) gasoline inventory now exceeds the highest level reached during 2012 and is at the highest point recorded since February 2011.

"Gasoline inventories ended the year with the highest December level ever, and obviously we've added significantly to that, so for that reason we could see many markets remain flat or even decline slightly over the next week to two weeks," says DeHaan. "You could say it's the calm before the storm that arrives every spring."

DeHaan says that the U.S. national average is projected to be in a range from $3.21 to $3.43, with a median price at $3.29 per gallon.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KNOE. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.