"Compared to 2016, motorists will be shelling out $62 billion more during the year, enough to buy a fleet of 670 Boeing 737s", says the report.
The average American household will spend $1,898 on gas this year, compared to $1,765 in 2016 and $1,566 in 2015, according to the price outlook. "One can easily "outsmart the pump" by shopping around for the lowest price, using Pay with GasBuddy to chop the pump price down immediately, and by driving smarter to get more out of every tank".
"Now that the holidays are behind us, market analysts anticipate demand for retail gasoline to drop in the coming days which could send prices down this month", AAA Texas/AAA New Mexico Senior Public Affairs specialist Daniel Armbruster said.
"When we take a closer look, we see that volatility is built into the price we pay at the pump because many components, both globally and locally, have a hand in simultaneously pressing those prices higher and/or lower", Teague says in his report.
And it is the fact that unexpected events can, and do, occur, that makes forecasting what prices will do in the coming year hard.More news: Oregon's Medical Marijuana Shops Are Going Recreational
The average price of a gallon of regular gasoline is expected to go up about 8 cents in 2018, according to the annual Fuel Price Outlook put out by GasBuddy, a tech company based in Boston that helps motorists find the cheapest gasoline in a given area. May will be the most expensive month with the average price forecasted at $2.73 per gallon. Numerous gas stations with the cheapest prices are in North Naples and East Naples.
At $2.11, Hammond, Louisiana, had the lowest average gasoline prices in the nation Thursday, though some stations in the South and Southwest even had prices below $2 per gallon. The Sam's Club in Bellmead was charging $2.09, and the Walmart on I-35 in Hewitt was charging $2.19, according to GasBuddy.com.
DeHaan says we could be soon feeling the effects of a decision made by OPEC, the organization of petroleum exporting countries.
"All related to the increase in the price of crude which is now hovering about $60 a barrel", said AAA fuel analyst Don Redman. The deal curbed excess oil supply and increased prices.
To save money at the pump, Jenkins advises drivers to shop around for their gas. "A lot of that is gas stations trying to catch people in a hurry".