The better economy means higher gas prices

Higher gas prices could be the norm for the new year.While that's bad news...there is a bit of good news.

Posted: Dec 4, 2017 6:57 PM

TERRE HAUTE, Ind. (WTHI) - Higher gas prices could be the norm for the new year.

While that's bad news...there is a bit of good news.

Dale Bremmer is an economist at Rose-Hulman Institute of Technology in Terre Haute.

He says economists are seeing more global growth.

That growth, however, causes an increase in the demand for oil and commodities like gasoline.

Combine that with the fact that oil reserves are down worldwide, and OPEC agreed to restrain production.

That will lead to some higher prices than we have seen this year.

"Right now, they're trying to refrain from increasing output and keeping the price relatively high, and consequently for the United States, it's led to a record high amount of shale production in recent years," Bremmer said.

With that said, the United States is the world's leader in exporting crude oil.

This hurricane season hurt our crude oil supplies from that part of the country.

The website Gasbuddy.com says will not see a return of record-setting prices, but our days of $1.99 a gallon are gone for a while.

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