Filling up the tank at a gas station earlier this year in Lyndhurst, Ohio.(Photo: Tony Dejak, AP)
Gasoline prices are poised to turn in a record annual average price
in 2012, as drivers faced their own fiscal cliff at the pump.
"Gas
prices in 2012 are likely to be the most expensive ever on an annual
basis," Michael Green of the American Automobile Association said in an
interview with MarketWatch.
With just over a month to go, the
national average in 2012 is $3.63 a gallon, outpacing 2011's annual
record of $3.51, Green said.
That's in spite of the fact that it has cost less to fill up in recent weeks. The average price of a gallon of gas in November is on track to be the lowest month since July, Green noted.
Gas
prices have pinched consumer wallets already this year, and now they
face tax increases and government spending cuts in 2013 unless Congress
and President Obama can forge a deal to avoid the "fiscal cliff" before year-end.
Prices
are down from a high of $3.93 a gallon in April. Thursday's national
average of $3.41 a gallon is 11 cents more than it was a year ago on the
same date, according to the AAA Daily Fuel Gauge Report.
Nationwide,
gas prices on average have dropped 46 cents since Sept. 14, one day
ahead of the annual transition to winter-blend gasoline through much of
the USA.
In 2012, the national average price of gasoline has
broken a daily record high 100 straight days and for 214 days, or 64%,
so far this year, Green said.
USA Today