Gas prices to go up in 2018

Gas Buddy says fuel prices will be at their highest since 2014.

Posted: Jan 8, 2018 8:11 PM

TERRE HAUTE, Ind. (WTHI) - Be ready to pay more at the pump in 2018. Gas Buddy released it's "Fuel Outlook" for 2018. We showed that outlook to an economist from Rose-Hulman, who then agreed to sit down with News 10 to share his thoughts.

As of January 8th, you could fill up around Terre Haute, IN for about $2.49/gallon. These will be among the lowest fuel prices we'll see all year according to the outlook.

"The evidence is gas prices should be going up, because of higher oil prices," said RHIT economist Dale Bremmer. "You'll see increased economic growth in Asia, Europe, and the United States. That should increase the demand for oil."

If prices follow the usual annual trends, Gas Buddy says to expect prices to rise come springtime and stay up through the Fall.

"Now of course, if we have a sudden disruption," said Bremmer, "we may see a spike in prices before then."

Gas Buddy is calling for a national average price of gasoline just under $2.60/gallon for this year. Gas Buddy also predicts this increase in gas will cost the typical American household about $133 to fuel up in 2018.

"Divide that over 12 months, we're not looking at a significant increase," Bremmer said. "But what's disturbing in terms of the consumer are the variability of gas prices."

Bremmer said it's best to shop around before filling up. Gas Buddy says you can find prices on their website, or you can follow them on Twitter for updates. You can also receive price alerts if you download their app.

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