Average gasoline price in US is still low compared to other OECD countries. Although it doesn’t expect gasoline prices to set any records in 2018, GasBuddy predicts that the U.S. motorists will pay more to tank up for the second consecutive year. In its 2018 Fuel Price Outlook, the crowdsourced smartphone app forecast a yearly national average gasoline price of $2.57 per gallon – a 19-cent increase from last year and the highest price since 2014. Why does GasBuddy expect U.S. gasoline prices to go up again this year? “Ultimately, OPEC bears much of the responsibility for cutting oil production, leading oil inventories to begin 2018 nearly 50 million barrels lower than a year ago,” Patrick DeHaan, GasBuddy’s head of petroleum analysis, said in a written statement announcing the price prediction. He added, however, that other drivers are at play. “Yet, understanding many factors, including OPEC, fuel taxes, the […]