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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:6,963 Points:2,116,640 Joined:May 2006	Message Posted: Jan 13, 2013 1:35:51 PM Ignore remay Report Abuse Who do you believe???
DanMtz Champion Author Oakland Posts:3,350 Points:1,242,350 Joined:Oct 2009	Message Posted: Jan 13, 2013 9:54:12 AM Ignore DanMtz Report Abuse I thought I read that prices were going up.
blupupher Champion Author Houston Posts:3,545 Points:747,070 Joined:Feb 2011	Message Posted: Jan 13, 2013 8:56:33 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:1,815 Points:641,300 Joined:Mar 2011	Message Posted: Jan 13, 2013 1:04:49 AM Ignore bston Report Abuse Time will tell.
genoist Veteran Author Orlando Posts:341 Points:165,470 Joined:Nov 2008	Message Posted: Jan 12, 2013 11:09:51 PM Ignore genoist Report Abuse So many opposing predictions.....
PDQBlues Champion Author San Diego Posts:7,069 Points:1,447,350 Joined:Jan 2009	Message Posted: Jan 12, 2013 7:22:33 PM Ignore PDQBlues Report Abuse That will be a welcomed event. When will prices start falling?
cmgodwin All-Star Author Raleigh Posts:920 Points:283,200 Joined:Dec 2011	Message Posted: Jan 12, 2013 6:49:11 PM Ignore cmgodwin Report Abuse More predictions?
fullcirclethink Champion Author Washington Posts:2,007 Points:159,270 Joined:Jun 2009	Message Posted: Jan 12, 2013 11:59:39 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:6,293 Points:1,468,620 Joined:Oct 2008	Message Posted: Jan 12, 2013 9:48:44 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 9:35:57 AM Ignore virostek Report Abuse When? Not now.
ClarkSC Champion Author South Carolina Posts:3,073 Points:1,010,430 Joined:May 2010	Message Posted: Jan 12, 2013 8:34:59 AM Ignore ClarkSC Report Abuse Another joke.
turboz2012 All-Star Author Charleston Posts:677 Points:373,620 Joined:Feb 2012	Message Posted: Jan 12, 2013 7:37:05 AM Ignore turboz2012 Report Abuse seriously is $3.44 a gallon supposed to be saving us money?
Nancy&Len Champion Author Cleveland Posts:2,048 Points:1,944,840 Joined:Sep 2004	Message Posted: Jan 12, 2013 7:29:57 AM Ignore Nancy&Len Report Abuse Couldn't agree more with you Alaydown.
hokieburgh Champion Author Virginia Posts:1,107 Points:463,425 Joined:Feb 2007	Message Posted: Jan 12, 2013 7:29:39 AM Ignore hokieburgh Report Abuse hope springs eternal!
brbaritone Champion Author Virginia Posts:2,063 Points:1,696,960 Joined:Jan 2007	Message Posted: Jan 12, 2013 7:07:39 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 7:04:59 AM Ignore SUPERSTEVIEO Report Abuse will the commit to it? and pay the difference if the price rises???
epf Champion Author Grand Rapids Posts:6,329 Points:1,890,380 Joined:May 2004	Message Posted: Jan 12, 2013 6:45:38 AM Ignore epf Report Abuse I'll believe it when I see it.
OHMS Champion Author Orange County Posts:13,712 Points:1,690,905 Joined:May 2005	Message Posted: Jan 12, 2013 5:44:47 AM Ignore OHMS Report Abuse Can't Be Serious
NedW Champion Author Indianapolis Posts:5,609 Points:1,141,270 Joined:Mar 2008	Message Posted: Jan 12, 2013 5:03:14 AM Ignore NedW Report Abuse They'll let anybody be a journalist now days, huh?
leeac Champion Author Ohio Posts:1,591 Points:432,930 Joined:Jan 2012	Message Posted: Jan 12, 2013 4:55:31 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:1,940 Points:274,240 Joined:Jul 2012	Message Posted: Jan 12, 2013 4:11:30 AM Ignore pricewar Report Abuse Forecasters are saying things that we already have known for a while now
CiVX Champion Author Oakland Posts:7,054 Points:1,359,565 Joined:Feb 2009	Message Posted: Jan 12, 2013 3:40:09 AM Ignore CiVX Report Abuse Then they will go up.
Alaydown Champion Author Los Angeles Posts:5,111 Points:822,420 Joined:May 2007	Message Posted: Jan 12, 2013 3:22:32 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:5,180 Points:1,116,890 Joined:Sep 2009	Message Posted: Jan 12, 2013 3:06:20 AM Ignore coughlin Report Abuse maybe.
kgbellman Champion Author Ann Arbor Posts:2,713 Points:731,840 Joined:Mar 2011	Message Posted: Jan 12, 2013 3:02:21 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:1,191 Points:358,540 Joined:Nov 2011	Message Posted: Jan 12, 2013 2:49:30 AM Ignore diesel8888 Report Abuse Woo hoooo!,
Ahking Champion Author Orange County Posts:3,507 Points:603,450 Joined:May 2011	Message Posted: Jan 12, 2013 2:46:21 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:5,441 Points:1,294,875 Joined:Jul 2007	Message Posted: Jan 12, 2013 2:42:50 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:3,404 Points:127,780 Joined:May 2012	Message Posted: Jan 12, 2013 2:37:09 AM Ignore TheHermit Report Abuse Wait and see
jwalkerh Champion Author Louisiana Posts:6,127 Points:1,368,720 Joined:Oct 2008	Message Posted: Jan 12, 2013 2:27:27 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:8,572 Points:2,684,440 Joined:May 2004	Message Posted: Jan 12, 2013 2:27:09 AM Ignore Retowered Report Abuse That would be nice.
jorod55 Champion Author California Posts:1,475 Points:430,975 Joined:Dec 2011	Message Posted: Jan 12, 2013 2:18:37 AM Ignore jorod55 Report Abuse Here come the yoyo price predictors again.
el_fr Champion Author Massachusetts Posts:3,332 Points:743,725 Joined:Apr 2011	Message Posted: Jan 12, 2013 2:18:04 AM Ignore el_fr Report Abuse Easy to predict falling prices
GallowayB All-Star Author Ohio Posts:517 Points:476,695 Joined:Jul 2007	Message Posted: Jan 12, 2013 2:17:20 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:14,912 Points:1,591,225 Joined:Jul 2008	Message Posted: Jan 12, 2013 2:15:36 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:5,490 Points:1,509,590 Joined:Jul 2004	Message Posted: Jan 12, 2013 2:13:07 AM Ignore N5EXY Report Abuse Good grief.
Happytalk Champion Author Pennsylvania Posts:2,135 Points:577,115 Joined:May 2010	Message Posted: Jan 12, 2013 2:12:27 AM Ignore Happytalk Report Abuse will believe it when I see it
Banjoe Champion Author Winnipeg Posts:4,240 Points:613,210 Joined:Apr 2011	Message Posted: Jan 12, 2013 2:10:25 AM Ignore Banjoe Report Abuse RENEGADEGAS - great observation. Amazing how sheep-like we've become.
nurdco Champion Author Colorado Springs Posts:9,231 Points:1,694,410 Joined:Apr 2008	Message Posted: Jan 12, 2013 2:09:57 AM Ignore nurdco Report Abuse Be Contrarian...
RENEGADEGAS Champion Author Missouri Posts:14,912 Points:1,591,225 Joined:Jul 2008	Message Posted: Jan 12, 2013 2:04:19 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:5,150 Points:1,593,765 Joined:Jul 2008	Message Posted: Jan 12, 2013 2:02:57 AM Ignore OldMan322 Report Abuse Dreamers
camel1 Champion Author Minnesota Posts:8,265 Points:2,265,640 Joined:Jul 2006	Message Posted: Jan 12, 2013 1:57:13 AM Ignore camel1 Report Abuse believe it when it happens
Geo4564 Champion Author Nevada Posts:6,917 Points:1,568,545 Joined:Aug 2007	Message Posted: Jan 12, 2013 1:56:45 AM Ignore Geo4564 Report Abuse sounds good!
hyeglenn Champion Author Fresno Posts:1,070 Points:598,930 Joined:Apr 2011	Message Posted: Jan 12, 2013 1:52:48 AM Ignore hyeglenn Report Abuse I will believe it when it happens.
cutter1330 Champion Author Oklahoma Posts:8,030 Points:1,693,140 Joined:Jul 2005	Message Posted: Jan 12, 2013 1:49:48 AM Ignore cutter1330 Report Abuse Hope they is right.
kd5kpd Champion Author Texas Posts:3,736 Points:1,416,725 Joined:Apr 2006	Message Posted: Jan 12, 2013 1:49:47 AM Ignore kd5kpd Report Abuse I wont believe it until I see it happen!
TigerRose Champion Author Illinois Posts:14,896 Points:2,826,075 Joined:Mar 2004	Message Posted: Jan 12, 2013 1:49:13 AM 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 All-Star Author Miami Posts:899 Points:418,455 Joined:Jan 2012	Message Posted: Jan 12, 2013 1:48:51 AM 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:8,592 Points:1,787,620 Joined:Nov 2003	Message Posted: Jan 12, 2013 1:48:34 AM Ignore benjy Report Abuse damn Obama...
snky2k Champion Author Indianapolis Posts:1,398 Points:302,815 Joined:Mar 2012	Message Posted: Jan 12, 2013 1:47:04 AM Ignore snky2k Report Abuse Don't forget to blame Obama for lower gas prices. He gets all the credit when they go up.