Gas Prices Highest Ever in 2012

The U.S. average cost of gas through November is $3.63, which would be an annual record high if the pace continues through December, according to gas trends analyst GasBuddy.

"We did the math,” said Patrick DeHaan, senior petroleum analyst for GasBuddy, “and the numbers don’t lie. Last year’s average price of gasoline nationwide was $3.51 per gallon. The national average price of gasoline in the U.S. would have to drop to $2.35 per gallon or lower for every day for the remainder of 2012 in order for the 2012 yearly average price to fall below last year’s (record high) level.”

Gregg Laskoski, a analyst for GasBuddy, identified a few issues that contributed to higher gas prices in 2012.

“There’s no question that the national numbers were elevated by major supply problems in California over the summer and more recently on the East Coast when Hurricane Sandy delivered major flood damage and power outages at northeastern refineries,” Laskoski said. “It reminds us exactly how vulnerable our nation’s fuel infrastructure is and why the U.S. should be looking to increase refining capacity where it is needed most.”

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