Fading economic worries boosted oil prices in 2013

Oil prices rose in 2013 as economic worries faded; AAA sees slightly lower 2014 gas prices

1/1/2014

Oil finished the year with a gain of 7 percent with much of the gain coming this month on signs that an improving U.S. economy is leading to greater demand for gasoline and diesel fuel.

Benchmark oil fell 87 cents on Tuesday to close at $98.42 on the New York Mercantile Exchange.

As the year ends, U.S. drivers are paying an average of $3.31 for a gallon of gasoline, about the same as at the end of 2012, when gas was $3.29 per gallon. But gas was less volatile this year, peaking at $3.79 in February, compared with a high of $3.94 in April of last year.

In Toledo, the average price was $3.32 on Tuesday, according to www.toledoblade.com/gas. That's four cents higher than it was on Dec. 31, 2012.

AAA is predicting slightly lower gasoline prices in 2014 because of abundant supplies of North American crude. AAA said drivers on average paid $3.49 per gallon this year for gasoline, the lowest price since 2010. The national average has been above $3 for more than three years, AAA said.