U.S. Gas Prices Up 10 Cents in January

gas prices2012 has started on a bad note for drivers, as gas prices rose 10 cents to $3.37 a gallon for regular gasoline, which is 14 cents more expensive than one month ago, and 27 cents more expensive than one year ago, according to the AAA Fuel Gauge Report.

Gasoline prices rose in most of the U.S. during the last week.

Despite U.S demand for gasoline being at a multi-year low, high crude prices and reports of impending refinery shutdowns have seen the national average price at the pump increase ten cents to begin 2012.

Gasoline prices aren’t likely to go up much [more] in 2012, according to a recent U.S. Department of Energy (DOE) report, but it predicts prices won’t go down much, either. The DOE has also said drivers can expect a higher annual cost for driving this year.

“Crude oil is going to stay, for 2012, at about the hundred dollar range,” said Chris John of the Louisiana Mid-Continent Oil and Gas Association.  “Gasoline is going to be $3.45 to $3.50.”

That $3.45 to $3.50 range is close to the record high for an annual average set last year, according to the American Automobile Association.  AAA says for all of 2011, gasoline cost an average $3.51 a gallon.  That was the highest they ever recorded.

High gasoline price hangovers from 2011 may be one of the biggest reasons that Americans are burning less gasoline by driving less, consolidating trips, moving closer to where they work and buying vehicles with better fuel economy, according to the Energy Department, which noted that last year was the first time that national averages for gasoline and diesel never fell below $3 a gallon.

Did you know? Improved fuel economy saves you money every time you fill up!

A vehicle that gets 30 MPG will cost you $845 less to fuel each year than one that gets 20 MPG (assuming 15,000 miles of driving annually and a fuel cost of $3.38).

Over a period of 5 years, the 30-MPG vehicle will save you $4,225.

Source: The Department of Energy

GPS Can Help Cut Gas Costs

If you or your business has been affected by this year’s high gas prices, you may want to consider investing in a GPS  system.

Fleet GPS is a feature-rich navigation system that is uniquely positioned to help improve the efficiency of our cars in ways that reduce fuel consumption and improve sustainability for all. A GPS fleet tracking system can help you save time, money and and reduce fuel costs.

 

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Categories: Gas Prices