Gas prices falling, could continue through December - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Gas prices falling, could continue through December

Posted:

MADISON (WKOW) -- The price of gas has been going down lately, and experts say that trend might continue through the end of the year.

The Lundberg Survey, a national research company, reports that prices have already dropped 46 cents in the past two months and some are saying it could fall to $3.00 a gallon before the year's up.

As of Monday, the national average is just $3.34 a gallon, according to AAA. The agency reports Hawaii with the highest average at $4.02, Missouri with the lowest at $3.05 and Wisconsin is right in the middle, averaging $3.33 a gallon.

"It's not out of the question that we could see prices fall below that $3.00 a gallon mark," says Pam Moen, spokesperson for the Madison AAA branch. "If that happens, it'll be the first time in two years that we've seen gas prices statewide average less than $3.00 a gallon."

The reason could be that there's more gas than the current demand for it, despite shortages last month when Hurricane Sandy hit the East Coast and had people lining up to fill their tanks.

In Madison, we found some stations at just $3.27 a gallon, making many customers very happy.

"We live down in Sun Prairie but we drive to the Dells to work, so it's a pretty long drive and right now with gas prices where they are it's pretty nice, so it'd be really great if it went down more," says Erin Clark.

The U.S. Energy Information Administration (EIA), an analytical agency that's part of the U.S. Department of Energy, looks at pricing trends over time and makes predictions for the future.

The EIA expects a national average of $3.44 a gallon in 2013, which is down 20 cents from the 2012 anticipated average. In 2010, EIA reports a gallon of regular gas averaged $2.78 a gallon.

There are a number of different websites out there reporting prices. MadisonGasPrices.com shows a range between $3.27 and $3.45 a gallon across the city.

Another site-- TheGasGame.com makes future predictions based on algorithms its creators have developed. On December 3rd, the author guessed a price boost this week in the Midwest, to $3.49 a gallon.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WQOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's pubic inspection file should contact Director of Station Operations Lisa Patrow at 715-852-5920. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.