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Energy Department predicts price of gas will fall this year

CBS News -- Hamburger, health care & taxes are all set to take a bigger bite out of the family budget this year. But drivers' annual gas bills are expected to drop for the first time in 4 years.

Forecasters say ample oil supplies and weak U.S. demand will keep a lid on prices. The lows will be lower and the highs won't be so high compared with a year ago. The average price of a gallon of gasoline will fall 5 percent to $3.44, according to the Energy Department.

"Everything is lining up to lead to softer prices this year," said Tom Kloza, OPI Service.

That would still be the third-highest average price ever. But a discount of 19 cents per gallon from 2012 would save the typical household $205 this year -

Spending that accounts for 70 percent of American ecospending . . .

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Submitted Jan 12, 2013 By: MidNJ

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remay Champion Author Houston Posts:7,083 Points:2,144,190 Joined:May 2006	Message Posted: Jan 13, 2013 11:35:51 AM Ignore remay Report Abuse Who do you believe???
DanMtz Champion Author Oakland Posts:3,496 Points:1,271,125 Joined:Oct 2009	Message Posted: Jan 13, 2013 7:54:12 AM Ignore DanMtz Report Abuse I thought I read that prices were going up.
blupupher Champion Author Houston Posts:3,695 Points:776,495 Joined:Feb 2011	Message Posted: Jan 13, 2013 6:56:33 AM Ignore blupupher Report Abuse some say fall, some say rise. No real way to predict what the future of fuel prices will be.
bston Champion Author Oklahoma City Posts:1,955 Points:669,990 Joined:Mar 2011	Message Posted: Jan 12, 2013 11:04:49 PM Ignore bston Report Abuse Time will tell.
genoist Veteran Author Orlando Posts:341 Points:165,470 Joined:Nov 2008	Message Posted: Jan 12, 2013 9:09:51 PM Ignore genoist Report Abuse So many opposing predictions.....
PDQBlues Champion Author San Diego Posts:7,214 Points:1,476,025 Joined:Jan 2009	Message Posted: Jan 12, 2013 5:22:33 PM Ignore PDQBlues Report Abuse That will be a welcomed event. When will prices start falling?
cmgodwin Champion Author Raleigh Posts:1,103 Points:311,875 Joined:Dec 2011	Message Posted: Jan 12, 2013 4:49:11 PM Ignore cmgodwin Report Abuse More predictions?
fullcirclethink Champion Author Washington Posts:2,010 Points:159,905 Joined:Jun 2009	Message Posted: Jan 12, 2013 9:59:39 AM Ignore fullcirclethink Report Abuse "Forecasters say ample oil supplies and weak U.S. demand will keep a lid on prices." Are these the same forecasters that predict the weather? Because, if they are, we are in for a year full of surprises!!
car253 Champion Author Ohio Posts:6,430 Points:1,495,345 Joined:Oct 2008	Message Posted: Jan 12, 2013 7:48:44 AM Ignore car253 Report Abuse I predict gas prices will go up and down and up and down and I will be correct.
virostek Veteran Author Virginia Posts:423 Points:90,285 Joined:Oct 2012	Message Posted: Jan 12, 2013 7:35:57 AM Ignore virostek Report Abuse When? Not now.
ClarkSC Champion Author South Carolina Posts:3,219 Points:1,039,105 Joined:May 2010	Message Posted: Jan 12, 2013 6:34:59 AM Ignore ClarkSC Report Abuse Another joke.
turboz2012 All-Star Author Charleston Posts:754 Points:400,260 Joined:Feb 2012	Message Posted: Jan 12, 2013 5:37:05 AM Ignore turboz2012 Report Abuse seriously is $3.44 a gallon supposed to be saving us money?
Nancy&Len Champion Author Cleveland Posts:2,178 Points:1,970,590 Joined:Sep 2004	Message Posted: Jan 12, 2013 5:29:57 AM Ignore Nancy&Len Report Abuse Couldn't agree more with you Alaydown.
hokieburgh Champion Author Virginia Posts:1,231 Points:492,430 Joined:Feb 2007	Message Posted: Jan 12, 2013 5:29:39 AM Ignore hokieburgh Report Abuse hope springs eternal!
brbaritone Champion Author Virginia Posts:2,145 Points:1,724,100 Joined:Jan 2007	Message Posted: Jan 12, 2013 5:07:39 AM Ignore brbaritone Report Abuse I'm waiting ... and waiting ... and waiting ......
SUPERSTEVIEO Champion Author Quebec Posts:3,523 Points:787,115 Joined:Oct 2010	Message Posted: Jan 12, 2013 5:04:59 AM Ignore SUPERSTEVIEO Report Abuse will the commit to it? and pay the difference if the price rises???
epf Champion Author Grand Rapids Posts:6,475 Points:1,919,035 Joined:May 2004	Message Posted: Jan 12, 2013 4:45:38 AM Ignore epf Report Abuse I'll believe it when I see it.
OHMS Champion Author Orange County Posts:13,871 Points:1,719,520 Joined:May 2005	Message Posted: Jan 12, 2013 3:44:47 AM Ignore OHMS Report Abuse Can't Be Serious
NedW Champion Author Indianapolis Posts:5,755 Points:1,168,970 Joined:Mar 2008	Message Posted: Jan 12, 2013 3:03:14 AM Ignore NedW Report Abuse They'll let anybody be a journalist now days, huh?
leeac Champion Author Ohio Posts:1,736 Points:461,605 Joined:Jan 2012	Message Posted: Jan 12, 2013 2:55:31 AM Ignore leeac Report Abuse The trend for gasoline and oil prices is still up due to inflation, higher worldwide demand and higher production costs.
pricewar Champion Author Ogden Posts:2,080 Points:302,715 Joined:Jul 2012	Message Posted: Jan 12, 2013 2:11:30 AM Ignore pricewar Report Abuse Forecasters are saying things that we already have known for a while now
CiVX Champion Author Oakland Posts:7,146 Points:1,384,135 Joined:Feb 2009	Message Posted: Jan 12, 2013 1:40:09 AM Ignore CiVX Report Abuse Then they will go up.
Alaydown Champion Author Los Angeles Posts:5,259 Points:847,815 Joined:May 2007	Message Posted: Jan 12, 2013 1:22:32 AM Ignore Alaydown Report Abuse Did they make this prediction just before the November election to fool the idiots who voted for Obama? This is the same Energy Department that is headed by Chu who has said he wants the price of gasoline here at "European levels" ($8-10 per gallon) to "encourage conservation." It is the same Energy Department that has picked numerous companies to give grants and loans to and which have gone bankrupt. If Obama's Energy Department predicts this, you can bet the farm that the opposite will happen.
coughlin Champion Author San Jose Posts:5,324 Points:1,145,340 Joined:Sep 2009	Message Posted: Jan 12, 2013 1:06:20 AM Ignore coughlin Report Abuse maybe.
kgbellman Champion Author Ann Arbor Posts:2,859 Points:760,515 Joined:Mar 2011	Message Posted: Jan 12, 2013 1:02:21 AM Ignore kgbellman Report Abuse Sounds cool - I wonder if they know if it will rain next week
diesel8888 Champion Author Salt Lake City Posts:1,314 Points:387,110 Joined:Nov 2011	Message Posted: Jan 12, 2013 12:49:30 AM Ignore diesel8888 Report Abuse Woo hoooo!,
Ahking Champion Author Orange County Posts:3,599 Points:621,360 Joined:May 2011	Message Posted: Jan 12, 2013 12:46:21 AM Ignore Ahking Report Abuse let's see who's right. on the other hand, just want lower gas price.
UseLessGasFolks Champion Author Iowa Posts:5,591 Points:1,324,525 Joined:Jul 2007	Message Posted: Jan 12, 2013 12:42:50 AM Ignore UseLessGasFolks Report Abuse "a discount of 19 cents per gallon from 2012 would save the typical household $205 this year" That tells me that the "typical household" is using waaaaaaayyyy too much gas. CONSERVE BABY CONSERVE!!!!!!!!!!!!!!!!
TheHermit Champion Author Maine Posts:3,451 Points:138,870 Joined:May 2012	Message Posted: Jan 12, 2013 12:37:09 AM Ignore TheHermit Report Abuse Wait and see
jwalkerh Champion Author Louisiana Posts:6,197 Points:1,377,430 Joined:Oct 2008	Message Posted: Jan 12, 2013 12:27:27 AM Ignore jwalkerh Report Abuse Sure, the price of gas will fall but the problem is how quickly the price of gas rises.
Retowered Champion Author Colorado Posts:8,722 Points:2,714,090 Joined:May 2004	Message Posted: Jan 12, 2013 12:27:09 AM Ignore Retowered Report Abuse That would be nice.
jorod55 Champion Author California Posts:1,617 Points:459,425 Joined:Dec 2011	Message Posted: Jan 12, 2013 12:18:37 AM Ignore jorod55 Report Abuse Here come the yoyo price predictors again.
el_fr Champion Author Massachusetts Posts:3,482 Points:773,375 Joined:Apr 2011	Message Posted: Jan 12, 2013 12:18:04 AM Ignore el_fr Report Abuse Easy to predict falling prices
GallowayB All-Star Author Ohio Posts:518 Points:484,915 Joined:Jul 2007	Message Posted: Jan 12, 2013 12:17:20 AM Ignore GallowayB Report Abuse IT's easy to drop prices after the year with the most expensive gas in history.
RENEGADEGAS Champion Author Missouri Posts:15,074 Points:1,619,800 Joined:Jul 2008	Message Posted: Jan 12, 2013 12:15:36 AM Ignore RENEGADEGAS Report Abuse Banjoe ... Yes its sad, and whats worse is they are banking on it. Literally. [Edited by: RENEGADEGAS at 1/12/2013 2:15:58 AM EST]
N5EXY Champion Author Austin Posts:5,639 Points:1,538,005 Joined:Jul 2004	Message Posted: Jan 12, 2013 12:13:07 AM Ignore N5EXY Report Abuse Good grief.
Happytalk Champion Author Pennsylvania Posts:2,281 Points:605,790 Joined:May 2010	Message Posted: Jan 12, 2013 12:12:27 AM Ignore Happytalk Report Abuse will believe it when I see it
Banjoe Champion Author Winnipeg Posts:4,461 Points:641,595 Joined:Apr 2011	Message Posted: Jan 12, 2013 12:10:25 AM Ignore Banjoe Report Abuse RENEGADEGAS - great observation. Amazing how sheep-like we've become.
nurdco Champion Author Colorado Springs Posts:9,387 Points:1,723,085 Joined:Apr 2008	Message Posted: Jan 12, 2013 12:09:57 AM Ignore nurdco Report Abuse Be Contrarian...
RENEGADEGAS Champion Author Missouri Posts:15,074 Points:1,619,800 Joined:Jul 2008	Message Posted: Jan 12, 2013 12:04:19 AM Ignore RENEGADEGAS Report Abuse Wish I could see something to cheer about here. Over $3.00 a gallon? Really? Maybe some have been conditioned enough to believe this is good, but it was $1.49 a gallon before this regime got a hold of it.
OldMan322 Champion Author Illinois Posts:5,287 Points:1,622,880 Joined:Jul 2008	Message Posted: Jan 12, 2013 12:02:57 AM Ignore OldMan322 Report Abuse Dreamers
camel1 Champion Author Minnesota Posts:8,415 Points:2,295,290 Joined:Jul 2006	Message Posted: Jan 11, 2013 11:57:13 PM Ignore camel1 Report Abuse believe it when it happens
Geo4564 Champion Author Nevada Posts:7,069 Points:1,597,070 Joined:Aug 2007	Message Posted: Jan 11, 2013 11:56:45 PM Ignore Geo4564 Report Abuse sounds good!
hyeglenn Champion Author Fresno Posts:1,208 Points:627,095 Joined:Apr 2011	Message Posted: Jan 11, 2013 11:52:48 PM Ignore hyeglenn Report Abuse I will believe it when it happens.
cutter1330 Champion Author Oklahoma Posts:8,143 Points:1,720,425 Joined:Jul 2005	Message Posted: Jan 11, 2013 11:49:48 PM Ignore cutter1330 Report Abuse Hope they is right.
kd5kpd Champion Author Texas Posts:3,877 Points:1,444,425 Joined:Apr 2006	Message Posted: Jan 11, 2013 11:49:47 PM Ignore kd5kpd Report Abuse I wont believe it until I see it happen!
TigerRose Champion Author Illinois Posts:14,974 Points:2,839,565 Joined:Mar 2004	Message Posted: Jan 11, 2013 11:49:13 PM Ignore TigerRose Report Abuse It sure needs to fall below $3 a gallon [Edited by: TigerRose at 1/12/2013 1:49:47 AM EST]
N4PIP Champion Author Miami Posts:1,014 Points:446,010 Joined:Jan 2012	Message Posted: Jan 11, 2013 11:48:51 PM Ignore N4PIP Report Abuse Prices will go down, prices will go up. Prices will go down again, then prices will go up.
benjy Champion Author Chicago Posts:8,710 Points:1,815,275 Joined:Nov 2003	Message Posted: Jan 11, 2013 11:48:34 PM Ignore benjy Report Abuse damn Obama...
snky2k Champion Author Indianapolis Posts:1,528 Points:330,815 Joined:Mar 2012	Message Posted: Jan 11, 2013 11:47:04 PM Ignore snky2k Report Abuse Don't forget to blame Obama for lower gas prices. He gets all the credit when they go up.