Despite gas prices declining as 2013 came to a close, 2014 has started out with the highest price on record for the start of the year.
According to AAA, the average price of a gallon of regular unleaded gasoline was $3.31, which marks the fifth consecutive year that January 1 had higher gas prices than the year before. In 2011, the average gas price on January 1 was $3.07 while 2012 saw it rise to $3.28. Last year, the New Year started with the pumps at $3.29.
Despite the New Year increase, gas prices this year are expected to average lower than 2013.
According to the U.S. Energy Information Agency, gasoline production in the U.S. is at its highest level in more than 30 years. On average, gasoline was six cents more expensive than one week ago. The national average of gasoline has increased for 11 straight days after it had fallen on 19 of 22 days.
[Source: The Detroit Bureau]
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