2016 proves to be a good year for constant drivers, gasoline prices have been relatively cheap this year but it is slowly creeping up and consumer are advised to expect a price hike by mid-2017.
Prices are expected to climb back up this year, not only because of higher oil prices but also because of the growing exports for U.S. refined gasoline. In just the past week, it has been recorded that the U.S. exported an amount of 1.1 million barrels a day, most of which were to Mexico and South Africa.
Some experts say that there could be a temporary spike of 20% or more around the spring or when driving season starts.
Gasoline has already been seen in the subtle increase late this year just after holding below $2.30 per gallon of unleaded for 200 straight days.
Tom Kloza, the global head of energy analysis at Oil Price Information Service, stated “There will be a spike and everyone will be talking about and it will probably be between Easter and Memorial Day,” he also said that, gasoline prices averaged about $2.12 per gallon to $2.85. to which the national average of 2017 could range between $2.399 and $2.519 for unleaded.
Leading Car Manufacturer sales fall by 2% in 2016 Missing its Targets
Hyundai Motors and partner Kia Motors on stated on Monday that their global sales dropped 2 percent to 7.88 million in the past year which missed their target of 8.13 million vehicles.
It is the first time since 1998, which together rank fifth in global sales, posted an annual sales fall.
Hyundai Motors shipped 4.86 million vehicles, compares with to its target of 5.01 million. Kia Motors sold 3.02 million vehicles, just a few vehicles away from its goal of 3.12 million.