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Posted: Monday, January 6th 2014 at 5:01am

2014 rings in highest New Year's Day gas price average

By Staff
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TAMPA, Fla. – New Year's Day marked the fourth consecutive year of record-breaking gas prices. The national average price for a gallon of regular gasoline was $3.32 on January 1, the highest price on record. However, 2013's annual average price for a gallon of gas was $3.49, the least expensive year since 2010.

Last week, oil price fell back below $95 a barrel after spiking past $100. Demand headed south in the last week of December, which caused stockpiles to increase and pushed oil prices lower. Not only did fuel demand drop 7.2 percent last month, but the value of the dollar increased against foreign currencies, placing downward pressure on oil prices.

"Gas prices inched up again last week and they will likely do the same this week,” said Jessica Brady, AAA spokesperson, The Auto Club Group. "The increase in gas prices shouldn't be steep, nor is it likely to last very long. Demand typically drops in the coming weeks as fewer people travel in the cold weather. Gas prices typically fall between mid- January and February, before refineries begin seasonal maintenance."

The national average for a gallon of regular, unleaded gasoline is $3.32, 1-cent more than last week. Florida's average of $3.42 increased 3 cents from last week. Georgia’s average of $3.23 and Tennessee's average of $3.13 both increased 2 cents from last week.

Link: AAA Fuel Gauge Report
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