Gas Prices Set to Hit a Record High of $4.12 Per Gallon by June

By Tom Gantert, The Center Square

Gas prices won’t be as volatile in 2023 as they were in 2022, but motorists can likely expect high gas prices this year, according to an analysis by GasBuddy.

GasBuddy’s 2023 forecast showed that gas prices would average at $3.49 per gallon.

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There have been extreme changes in gas prices in America over the past year. According to The Petroleum Information Administration, June 2022 saw gas prices at the pump average $5.03 per gallon, which was the highest price ever recorded. U.S. Energy Information Administration. However, the price of gas dropped to $3.32 per gallon by December.

“2023 is not going to be a cakewalk for motorists. It could be expensive,” Patrick De Haan, Head of Petroleum Analysis at GasBuddy, stated in a news release. “The national average could breach $4 per gallon as early as May – and that’s something that could last through much of the summer driving season. Basically, curveballs are coming from every direction. Extreme amounts of volatility remain possible, but should become slightly more muted in the year ahead. I don’t think we’ve ever seen such an amount of volatility as we saw this year, and that will be a trend that likely continues to lead to wider uncertainty over fuel prices going into 2023.”

GasBuddy’s 2023 forecast California could see gas prices rise to $7 per gallon this summer, but prices in most other cities will peak at $4 per gallon. GasBuddy predicts that the average gas price in June will reach $4.12 per gallon.

“Additionally, as the world continues to navigate Covid recovery, as well as the Russian invasion of Ukraine, a high level of uncertainty is again a factor in 2023, making an accurate forecast very challenging,” The forecast states.

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GasBuddy projects that total gas spending in 2023 will reach $470.8 billion. This is less than the $526.3 million spent in 2022 but more than the $280.0 billion spent during the pandemic in 2020.

According to reports, gas prices rose across the country Jan. 2. AAA According to reports, the average cost of gasoline was $3.21 per g as of Jan. 2, 2011, 11 cents more than one week ago.

Syndicated with permission of The Center Square

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