Posted in: Gas Prices,
by Patrick DeHaan on Nov 26, 2012 09:06 AM
Thanksgiving has come and gone, and with an average price of $3.43/gal on turkey day, it was indeed the most expensive Thanksgiving Day at the pump we've ever seen. The record set on Thanksgiving may also be a harbinger of what's to come in 2013, as I continue to assemble GasBuddy's 2013 gasoline price forecast.
For now, the national average has stalled, with prices rising versus where they were a week ago, and while we may see some movement lower in the weeks ahead, I doubt it'll be enough to be dubbed significant. From here on out, we tend to see the market digest turkey, or rather news from turkey day weekend shopping figures, and many times that can point to improvements in the economy (via personal spending) which certainly can cause price drops to fizzle.
I expect for the remainder of 2012 that the national average will remain somewhat subdued, at least compared to the massive rally this past spring, coupled then with a large drop in June. The national average will likely stay between $3.30-$3.55/gal for this time frame, but with Middle East tension looming, there is always chance for such to interfere and drive prices.
According to the EIA, there may be some slivers of evidence that the economy is better off this year, as week-on-week numbers showing petroleum supplied to markets is up 1.6% over last years lower prices. Demand, while lower than pre-recession levels, is still more than enough to keep pressure on prices.