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Gas prices projected lower for 2014 with lower demand, higher domestic production

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Gas prices projected lower for 2014 with lower demand, higher domestic production
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Breann Schossow, Wisconsin Public Radio

As 2013 comes to an end, Wisconsin's average gas price is down from the previous year, starting what an industry analyst projects will be a moderating trend in 2014.

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Tom Kloza is a chief oil analyst for GasBuddy.com. He says Wisconsin — and most of the country — will feel the impact of increased domestic oil production on gas prices.

“[Wisconsin is] among the states that should really be ... beneficiaries of the domestic oil boom,” Kloza said. “The more interior you are to North America, the more benefit you should get from the oil boom.”

Kloza says in general, 2014 should be an 'OK' year at the pump in Wisconsin, with the average price between $3.40 and $3.65 per gallon. Kloza says over the course of the year, he believes Wisconsin will see a lower retail average than 2013.

Kloza says the U.S. is becoming what he calls the “insulation nation.”

“Not withstanding the events you'll hear about in the Mideast, we're very much insulated against those events: ... more insulated against those events than we've been in probably in 30 or 40 years,” Kloza said. “We've got a flat demand trend, so we should see very temperate prices, which is to say slightly lower than last year or this year when we go through 2014.”

Kloza says the national average gas price for 2014 is expected to be around $3.39 a gallon.

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