Gas Prices Stay Low As New Year Begins

NEW YORK (January 7, 2013)--Gasoline now averages $3.30 a gallon, up about half a penny since Jan. 1, but a year ago, the average price at the pump rose about 10 cents in the first week of the year because of a jump in oil prices and then hit nearly $4 in early April.

Oil prices should dictate what happens next with pump prices.

The economic drivers for oil are mixed.

Economies in the U.S. and China are showing modest improvement, while Europe remains in recession.

The wild card is the Middle East.

In the past two years, threats to shipments of oil from the region drove crude prices higher during the winter, which led to a surge in pump prices by spring.

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