What Will Gas Prices Do Down The Road?
As further proof that we never know what gas and oil prices will do, fuel prices have remained steady since Friday, with the nationwide average at $1.85 a gallon. This ended a three-month free fall of gas prices.
So, now will prices begin to climb?
Well, there could be a slight rise in months to come. However, we have an economy that is still awful and winter, which is the time of year when gas prices are there lowest anyway. According to a recent USA/Gallup Poll, just 12% of motorists claim they have gone back to their usual driving habits, which is incredible considering how far gas prices have fallen.
So, what’s to expect with fuel prices down the road?
No one really knows, however experts are predicting fuel prices will hover around $1.50 before they start rising to about $2.25 a gallon this summer.
At the moment, OPEC has cut oil production by about 2 million barrels, we have a weak dollar and one has to wonder if motorists will do away with their new driving habits that are so conservative, since gas is so cheap. One thing is for sure though, drivers are hanging onto their current cars and purchasing used car warranties instead of buying new vehicles.