The Economy

Nov 29, 2012 8:02 PM by Andy Koen

2012 projected to be most expensive ever for gas prices

CHICAGO - With one month left in the year, the gasoline price tracking website GasBuddy.com predicts that 2012 will be the most expensive ever for US consumers.

The Chicago-based website reports the yearly national average for a gallon of unleaded gas is running at $3.63 per gallon, 12 cents higher than the average of $3.51 per gallon in 2011.

"We did the math and the numbers don't lie," said Patrick DeHaan, the senior petroleum analyst for GasBuddy. "The national average price of gasoline in the U.S. would have to drop to $2.35 per gallon or lower for every day for the remainder of 2012 in order for the 2012 yearly average price to fall below last year's level."

GasBuddy cites supply problems in California over the summer and refinery outages in the Northeast caused by Hurricane Sandy as contributing factors for the pain at the pump.

"It reminds us exactly how vulnerable our nation's fuel infrastructure is and why the U.S. should be looking to increase refining capacity where it is needed most," said analyst Gregg Laskoski.

Don't forget to visit the News 5 Gas Tracker to find the lowest gas prices in your neighborhood.

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