Thursday, November 13, 2014

Gov't tells US drivers to get used to cheap gas

Associated Press By JONATHAN FAHEY:

Those low gas prices on station signs aren't going away soon, the government says. Related Stories Gas Prices Are About to Hit a Key Symbolic Mark The Fiscal Times Gas falling under $3 nationwide: What to know Associated Press Gas is $3 a gallon or less for most drivers Falling gas prices fuel consumer spending USA TODAY [$$] Why the Drop in Oil Prices Caught So Many by Surprise The Wall Street Journal In a dramatic shift from previous forecasts, the Energy Department predicted Wednesday that the average price of gasoline in the U.S. will be $2.94 a gallon in 2015. That is a 44-cent drop from an outlook issued just a month ago. If the sharply lower estimate holds true, U.S. consumers will save $61 billion on gas compared with this year. Rising oil production, particularly in the U.S., and weak spots in the global economy have led to a sharp reduction in oil prices over the past four months. Not seeing much of a change ahead, the government cut its forecast for global oil prices next year by $18 a barrel to $83. As a result, U.S. drivers will pay on average 45 cents less for a gallon of gas next year compared to this year. Based on expected gasoline consumption, that's a savings of $60.9 billion. MORE:

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