GasBuddy: Gas prices to increase in 2018 - KPLC 7 News, Lake Charles, Louisiana

GasBuddy: Gas prices to increase in 2018

Source: WBRC video Source: WBRC video
BIRMINGHAM, AL (WBRC) -

Get ready to pay more for gas in 2018. GasBuddy.com released a report saying gas prices should increase.

One industry analyst says that means drivers collectively will be paying hundreds of millions of dollars more across the nation.

"Overall a more expensive year than what we came out of in 2017. In fact, 2018 will probably be the most expensive prices since 2014," Industry Analyst Patrick DeHann said.

The reason for higher gas prices can be attributed to a drop in production by OPEC nations.

"Much of it can be blamed on OPEC for cutting oil production in 2016 that pushed U.S. oil inventories down 54 million barrels compared to where it was a year ago," DeHann said.

For many drivers who are on limited incomes, the spike in prices is not good news.

"Even the price of food, everything goes up with inflation if the gas price goes up. So it's going to make things a little harder," Emmanuel Davenport said.

The national average should be about $2.57 over the year. Higher during peak times of the year. Alabama prices will range between $2.45 to $2.75.

There is the threat of unrest in the Middle East, but DeHann said that may not affect the United States as much.

"We are producing the most oil since the 1970's. In fact, this year we could see production rise to all-time highs. That should insulate us from any potential violence in the Middle East," DeHann continued.

DeHann suggests gas prices should still fluctuate from station to station. So shop around and use their GasBuddy app and our WBRC News app to look for those low prices.

Copyright 2018 WBRC. All rights reserved.

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