Gas prices likely to stay steady in 2020
(KYMA, KECY, KSWT, AP)- The analysts behind the GasBuddy smartphone app are making some predictions about what will happen at the gas pumps in 2020.
On Jan. 1, GasBuddy said the new year will “bring good news at the gas pump for some Americans, not all.”
GasBuddy predicts that the yearly national average for gas will be $2.60 a gallon, which is 2 cents lower than 2019, “but warns that the national average will rise as much as 75 cents per gallon from a low in February until an eventual peak in May …”
Highlights of the GasBuddy 2020 Fuel Price Outlook report include:
- The national average is forecast to increase as much as 75 cents a gallon, peaking in May when retailers make the switch to summer gas, which is more expensive.
- Three quarters of the nation’s largest metro areas could see the average gas price hit $3 a gallon in 2020 including Atlanta, Boston, Chicago, Cleveland, Detroit, Miami, New York City, Philadelphia, Phoenix and Washington, D.C.
- Four of the largest, Los Angeles, Sacramento, San Francisco and Seattle – could see gas prices go over $4 a gallon.
Prices at the gas pump are driven by the price of crude oil, which is affected by global politics and federal regulations. And, maintenance and disruptions at refineries or weather threats can cause shortages. All of those factors have an influence on gas prices.
GasBuddy is predicting that because of a “stronger economy and lower interest rates” demand for gas will increase.
