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Who knows what might happen with Iran, but for now the outlook is downward. From Bloomberg:
Gasoline had surged 27 percent in 2012, compared with a 10 percent gain for heating oil and an 8.3 percent increase for crude oil. The 2012 gains have been pared to 21 percent by yesterday and gasoline was close to being overtaken by soybeans as the year's top commodities performer. The government yesterday reduced its demand forecast. Consumption will average 8.65 million barrels a day in 2012, down from 8.74 million in 2011. That's below last month's projection of 8.67 million.
Locally, gas prices have been edging lower for more than a week, but they're still on the high side, with an average gallon of regular running about $4.28.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.