Good news for the beginning of 2012—gas prices aren’t expected to spike come the New Year. Don Good of Good Oil in Winamac said that current oil prices are, as of now, driven heavily by the world economy, and with the possibility of an economic slowdown in China, Good expects prices to stabilize or even come down early 2012.
Good says that in addition to the possible economic dip in China, the U.S. is reducing oil usage by three to five percent each year, which Good says is a pretty hefty reduction.
Even so, Good explains, with the number of factors that are really behind the price of gas, it’s tough to say definitively either way. While hurricane season could cause gas prices to rise again, prices are expected to stabilize early 2012 with hopes of a gradual decrease.