Posted: 4:17 p.m. Friday, Dec. 27, 2013

Gas price war breaks out despite forecast low prices for 2014

Gas price wars in Gwinnett County
Gas price wars in Gwinnett County

GWINNETT COUNTY, Ga. —

Consumer Investigator Jim Strickland found a gas price war going on in Gwinnett County, even as private and federal energy forecasters are looking for continued lower prices.

"Every little bit counts. I'd like to see them go down even more but I am excited about where they are right now," said driver Sherman Merritt at the QT gas station on Centerville Highway in Snellville.

Website GasBuddy.com predicts the peak price for 2014 is coming in the spring in Georgia between $3.65 and $3.74 per gallon.

The Energy Information Administration predicts over the course of 2014, the price of regular will average $3.43. That compares to $3.50 this year and $3.63 in 2012.

"It's only $40 to fill this up, and at 7 cents less, it's only going to be $35, so I'm ahead of the game," said driver Kisha Key.

Last month, domestic oil production hit eight million barrels per day, the highest monthly figure since 1988. According to EIA the average daily production forecast next year is 8.5 million barrels per day.

"The price of one of the primary components of our energy budget, gasoline, has gone down 25 percent. That's pretty remarkable," said analyst Chris Edmonds of Enerecap Energy Partners.

Edmonds cautions that geopolitical turmoil can always cause unforeseen price instability.

"The one thing I've learned is you can predict energy prices about a day out," Edmunds said.

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