Gas prices expected to reach highest levels since 2014 - Peoria-area News, Weather, Sports

Gas prices expected to reach highest levels since 2014

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The new year will likely bring some pain at the pump as prices continue to rise for the second straight year. said the average fuel price will increase by 19 cents to $2.57 a gallon, the highest since 2014. Americans will spend an estimated $364.6 billion on gas this year. 

Gas prices are expected to remain under $3 per gallon, but any unexpected disruptions in the gas production process could cause prices to cross that threshold.

"Even one event can completely change trajectory of fuel prices for months. Look what impact Hurricane Harvey and Irma had on gas prices and availability. No one could have expected the unexpected, but still, our forecast was less than a dime away from being spot on," said GasBuddy head of petroleum analysis Patrick DeHaan. 

Large cities such as Chicago, Los Angeles and New York will likely see prices pass the $3 mark. 

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