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Gas and Food

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Submitted By healthrservices
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The annual average gasoline retail price in 2012 reached 3.63 $/gal. This is expected to reach 3.63 $/gal in 2013 and 3.43 $/gal in 2014. This is a 7 percent decrease and total 20 percent decrease respectively from 2012. With a decrease in 7 cents this would save the U.S. consumer household 7 billion for the upcoming year. (1) The Market expects the oil prices to fall in the 12 months from October according to Moody’s, with energy prices outperforming other industries for 2013. (2) The decrease demand on oil will also foster the fall in prices for the coming year. Stability in the middleast is vital to future prices, like the partial lifting of sanctions on Iran in the 6 month deal by the Obama administration, and 5 other countries. Iran with the fourth largest oil reserves is expected to increase barrels production per day by 33% in the coming year, and beyond showing up to 50% increase in oil exports. This competition with other leading exporters will drive the prices down for 2014. (3)(4) Prices rose for beef, poultry, fruit, and other foods in 2012. Prices for pork, eggs and vegetables and non-alcoholic beverages decreased. Prices in other food categories were steady an fairly unchanged. The Economic research service (USDA) predicts that all food prices in 2013 will continue to increase from 1.5 to 2.5 % from the previous year. 2014 will show an increase from 2.5% to 3.5%. (5) The Huffington’s post did predict an increase in at home food products by the USDA by 3 or 4 percent for 2013. Prices only saw as much as 2%, nonetheless there was a heavier toll an consumer spending. This will also be seen in 2014 with the expected maximum of 3.5% increase supported by the climate change. As weather becomes more extreme, we are expected to see prices change. An example is Texas which saw in 2011, bushels decrease by a billion, and rice, beef fall by 50

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