Home » Markets » Gas prices could rise back to $4 per gallon as early as May 2023, Gasbuddy says
Gas prices could rise back to $4 per gallon as early as May 2023, Gasbuddy says
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After a year of high inflation and market volatility, gas prices are expected to fall in 2023, although summer travel could still push prices into the $4 per gallon range as soon as May, according to a new forecast.
GasBuddy, an app that provides real-time gas price information, released 2023 projections on Wednesday that suggest Americans should expect some relief at the pump at the start of next year. The yearly national average price is forecast to drop nearly 50 cents per gallon from that of 2022 to $3.49 cents, the report states.
Fuel prices broke record highs in 2022 because of the lingering effects of COVID-19 policies that shut down crude oil refineries – limiting oil production – and disruptions in international trade related to the Russian invasion of Ukraine. With the world moving on from the pandemic, global refining capacity is expected to rise, which will alleviate the decline in U.S. supply of gasoline, diesel, and jet fuel, according to GasBuddy.
Gas is expected to hover around an average low of $3 per gallon in January and February, when demand is seasonally low. However, moving into the spring and summer, prices may rise as high as $4 when drivers hit the roads and enjoy the pleasant weather. By the end of the year, prices should decrease again as that demand subsides.
US NATIONAL GAS PRICES NOW LOWER THAN THEY WERE A YEAR AGO, AAA SAYS