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Gas prices headed up for new year?

Post by John Gillie / The News Tribune on Dec. 2, 2010 at 2:29 pm |
December 2, 2010 2:29 pm

During a time of year when gasoline prices historically bottom out, average unleaded gas prices remain stubbornly above $3 a gallon in Tacoma.

That price, $3.046 a gallon, is 23.6 cents more per gallon today than it was on the same day last year, according to TacomaGasPrices.com.

Those prices could be a harbinger of more expensive fuel in the coming year. Goldman Sachs & Co. is predicting average crude oil prices of $100 a barrel next year. Already crude oil for January delivery rose yesterday to $86.75 a barrel on the New York Merchantile Exchange. That’s up 11 percent year-over-year.

Those higher crude prices, if sustained, will be working their pay to the pumps by mid-winter.

Credit the reviving economy here and in China with increasing demand for gasoline. The softness of the dollar versus foreign currencies is also contributing the dollar price rise, say analysts.

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