Fuel

FUEL: Gas prices falling, but Luke Oil expanding

Times Board of Economists - Report from Tom Collins, chief executive officer of Luke Oil
2014-02-02T00:00:00Z 2014-02-02T00:05:53Z FUEL: Gas prices falling, but Luke Oil expandingJoseph S. Pete joseph.pete@nwi.com, (219) 933-3316 nwitimes.com
February 02, 2014 12:00 am  • 

Gas prices fell to their lowest monthly average last year in November, and are expected to continue to decline.

The average price of gas was $3.51 a gallon in 2013, but that should drop to $3.46 a gallon this year and $3.39 a gallon in 2015, said Luke Oil president Tom Collins Sr.

Oil spot prices and expected to dip gradually over the next two years as well.

U.S. crude oil production rose 1 million barrels a day next year, and should rise by an additional 1.8 million barrels per day over the next two years. The United States would reach its highest level of production since 1972, and - together will Canada - account for about 70 percent of non-OPEC supply growth, Collins said.

Locally, Luke Oil continues to expand. The distributor and gas station chain added two newly rebuilt sites in Lafayette and Valparaiso. The 4,300-square-foot stores were under construction for four months, and will each employ about 8-10 people.

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