Q:

What is the future for gasoline prices?

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Quick Answer

Commodity prices are notoriously hard to predict; however according to Forbes, gasoline prices are not likely to rise greatly during 2015. However if oil supply is significantly reduced, gas prices may rise.

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What is the future for gasoline prices?
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Full Answer

Both demand and production of oil are expected to remain fairly stable in 2015, according to Forbes, and the United States government expects gas prices to average $2.94 in 2015.

However, there is the possibility that if production in the Middle East is interrupted by political unrest or if oil companies cut supply by not completing new wells, the price may rise much more significantly. According to CNBC, American oil companies idled 500 rigs during the four months following gasoline's price collapse.

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