Gas prices will fluctuate wildly in 2014, but when the dust settles, the average price at the pump will be significantly lower than in 2013, analyst Tom Kloza says.
Demand, inventories, production levels and taxes all impact the cost of gasoline, said Kloza, chief oil analyst at GasBuddy.com.
And demand will be a major factor in coming years. An aging population and higher fuel economy standards are keeping demand growth at bay, Kloza said.
Prices at the pump will vary by state.
"Florida ... has much lower inventories than normal thanks to expensive waterborne freight costs from Texas and Louisiana to Gulf Coast ports," Kloza said. "The entire East Coast might see higher prices relative to the rest of the country since we will be importing less gasoline than we have in recent years," he added.
--By Althea Chang
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