Oil industry watchdog predicts higher gas prices in 2013

10:03 PM, Jan 6, 2013   |    comments
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It was a wild ride at the gas pump in 2012, where prices averaged just above $4 a gallon. Gas prices skyrocketed one minute and fell the next. It was a difference of more than a dollar a gallon.

"I guess we're getting used to it and that's unfortunate, it's too high," one driver said.

Drivers had to find ways to deal with record high prices - as high as $4.71 a gallon at one point.

"I do a lot of my shopping, a lot of my errands, close to home," another driver said.

But changing your routine may not be enough to be ready for 2013, where prices could once again hit record territory.

"Yeah, I think we're at the point now where $4 a gallon seems cheap," oil industry watchdog Charles Langley said. "And I think by the end of next year we may not raise an eyebrow at $5 a gallon. I think that's where we're headed."

But will drivers accept prices that high?

"Well I'm pessimistic, I think prices are going to go up," one driver said. "I think we've come to the realization t hat gas prices are going to continue to go up."

The thing about gas prices is that there are so many factors that can make them go up, including problems in the middle east and problems in our own backyard."

"When one or two major refineries announces a problem or a rumor of problems, the market reacts by raising the price. whether there really is a problem or not," Langley said.

Langley says this could be a very expensive year for drivers. He says he's talked to people that say they are no longer shocked to see prices climb.

"I think the public has been conditioned yeah, to accept the higher prices," a driver said.

(Copyright © 2013 NBC Universal, All Rights Reserved)

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