With all the talk of falling oil prices and its effect on the global economy, companies and consumers are keeping a close eye on the fluctuating gas prices. This week, GasBuddy has released its GasBuddy Fuel Price Outlook 2015. The report forecasts monthly gas averages and dives into the factors affecting the prices.
The GasBuddy authors note that this outlook is not indicative of what will happen, rather what they belief could happen, given specific inputs and different impacts and scenarios on production, supply and demand. For instance, the report indicates that significant volatility will be a factor in gas prices during 2015. Among the things influencing prices include OPEC’s recent shift in production output, refinery maintenance schedules, hurricane season and gasoline taxes being elevated in several states.
“As much we were thrilled by $2.99 gas at Thanksgiving time, we now enjoy $1.99 gas in many places,” says Patrick DeHaan, a senior petroleum analyst. “I fully expect we’ll soon become complacent with those $2.99 prices once these sub-$2 prices stick around a bit longer.”