Crossovers and trucks continue to be popular with consumers but owners could be looking at a higher cost of ownership as GasBuddy is predicating the national average price of gasoline will rise 19 cents this year to $2.57 per gallon.
While that’s far from record highs, the 2018 Fuel Price Outlook suggests prices could peak at less than $3 per gallon. Prices in major metro areas – such as Chicago, New York City, Los Angeles, and Seattle – are expected to easily surpass the $3 mark while other areas including Detroit, Miami, and Minneapolis are expected to come extremely close to that figure.
If GasBuddy’s forecast pans out, the average household will see their gasoline bill rise to $1,898 this year which is $133 more than 2017. This means the nation’s yearly gasoline bill will climb to $364.6 billion which is about $25 billion more than last year.
On the diesel side, the company expects the average price to be $2.70 per gallon. Prices are expected to peak this month and gradually fall to a low of $2.59 in July before climbing again.
Gas prices are extremely hard to predict but the pain at the pump is already being felt as AAA reports the national average gas price is $2.49 which is the highest for the start of the year since 2014.