Gasbuddy.com Senior Petroleum Analysts Patrick DeHaan and Dan McTeague collaborated on a fuel price outlook for 2018.
Though the men did predict an expensive year ahead when they issued the prediction on January 3rd, McTeague said conservative figures were utilized in order to avoid making any assumptions that could have been considered too high. Five weeks into the New Year even the maximum predictions have been surpassed.
McTeague explained that one factor currently contributing to dwindling crude oil inventories is a leak to a frequently used pipeline.
“Something referred to as the Keystone Pipeline, not the Keystone XL that’s been in the news, but the existing Keystone Pipeline has been running at lower rates after a leak was discovered there a little over a month ago.”
McTeague said other factors impacting oil prices include heightened demand, both inside and outside the country, and increased exports. He said the United States is currently sending out much more oil to compete with global demand, leading to fewer reserves remaining within the country.
Other than looking around for the least expensive gas prices, McTeague said there are few other ways motorists save money on fuel.
Proper vehicle maintenance is imperative, be sure your fuel gauge is working correctly and that you take care of your car’s tire pressure. Drivers should also avoid accelerating or braking too hard and overloading the vehicle unnecessarily in order to avoid burning excess fuel.
To stay informed with the latest updates and fuel insights, visit gasbuddy.com.