Gas Prices to Hit 2013 Low

Gas Prices to Hit 2013 Low

According to experts, gasoline prices are likely to hit the 2013 low after going down to their lowest levels in nearly three years. At national level, the average price for gasoline has gone up to $3.20 a gallon after going down to $3.17 earlier this week.

A three-day spike in wholesale prices is attributable to gains, which also includes a 5% jump on Thursday. As a result, pump prices were pushed to 11 cents higher this week, like in Michigan.

During early Thursday, Benchmark West Texas crude was seen trading at a five month-low. It was about $92.50 a barrel and after this it sought a jump to close at nearly $94.

There are hopes that retail prices could go down below $3 nationally, but rising wholesale and crude prices have put those hopes in jeopardy.

Patrick DeHaan is a senior energy analyst with GasBuddy. com. He said, "There's still a potential for overall prices to move lower, but I don't see a whole lot of downward movement, and we may have already seen the bottom".

Prices at pumps had fallen for 10 consecutive weeks and in mid-October the prices were averaging $3.47 per gallon.

Overall pump prices are likely to go down to $3.10 a gallon, said Ryan Mossman, general manager of FuelQuest, which helps corporate fleets such as UPS and FedEx manage energy use.

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