Gas prices expected to dip in new year

Gas prices expected to dip in new year

AAA Northeast says its weekly survey on Monday found the average price of a gallon of regular unleaded climbed five cents, to $2.48. One year ago, the price was $2.35.

Sunday national gas price average is $2.49, which unchanged in the last week, up a penny in the last month and 12 cents higher than this time past year.

The Detroit-area's average decreased about 3 cents to $2.64 per gallon.

Gas prices have ticked up two cents per gallon in Rhode Island. West Texas Intermediate last week settled above $62 a barrel for the first time since December 2013.

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West Texas Intermediate for February delivery added 23 cents to $61.67 a barrel at 10:09 a.m. on the New York Mercantile Exchange. The price differential (spread) between WTI and Brent crude narrowed by almost a dime to $6.10 a barrel week over week.

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AAA Northeast said gas prices are up two cents in Rhode Island and up five cents in MA. That price point is then lowered later in the year as a result of low demand.

" Springtime is as a springboard for prices at the pump, and we may see a 40-50 cent jump by the summer", said Jenkins. "Of course, this forecast could change dramatically if there are unexpected shifts in fuel supply and/or the stock market". Also, gasoline demand has dropped significantly, contributing to a strong increase in fuel availability, a typical seasonal event that usually leads to lower gas prices in January and February.

Prices normally rise in the spring as demand grows and supplies tighten.

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