Gas prices in 2022 were the highest ever recorded. Here’s Where They Could Be Heading Next Year.

Ben ZeisloftDecember 31, 2022

In 2022, national average gas prices In the United States, they reached their highest point since GasBuddy began tracking them. And they may continue rising relative to earlier levels next.

Fuel analytics company marked Average prices of $3.96 per gallon in 2022 far exceed the averages of $3.02 per gal in 2021 and $2.17 per gal in 2020. GasBuddy still offers a GasBuddy price comparison. forecasts After approaching $4.00 per gallon during the summer, prices will fall to $3.49 per gallon nationally in 2023. However, this reading would still be among the highest prices at the pump for more than a decade.

After the Russian invasion in February, gas prices, already rising rapidly since 2021, were finally on the rise again. surpassing In June, gasoline prices averaged $5.00 per gallon before dropping through the rest of the year. According to a national average gasoline price, it is currently at $3.20 per gallon. data AAA

A national fuel price outlook GasBuddy released this week that prices will rise from $2.99 per gal in February to $3.99 per gal by June. Prices will then drop to $3.17 a gallon in December. GasBuddy predicts that gasoline prices will drop to $2,471 by 2023, when the average household spent $2,748 per gallon.

Despite the national trend towards historically high gas prices in recent decades, fuel costs vary widely across the United States. According to the California Department of Transportation, California residents currently pay an average $4.40 per gallon. data AAA pays $2.93 per gallon for residents of Alabama and South Carolina,

Democratic lawmakers blame the Russian invasion in Ukraine and the price gouging by oil companies for the higher prices. Governor Gavin Newsom (D–CA) tried to pass recently a “price gouging penalty” This would have been a great idea. compelled Oil companies must reduce their profits in order to avoid a civil penalty by the California Energy Commission. House Speaker Nancy Pelosi (D-CA) voiced support An earlier version of legislation was passed that would have allowed President Joe Biden the power to declare an “energy emergency,” He will be able to control fuel prices and prevent fuel companies selling at rates they consider unacceptable. “unconscionably excessive.”

White House officials contended Recent decreases in gas costs from their record highs this summer can be attributed to the policies of the commander-in chief. “Every month, the typical two-driver family saves about $120 at the pump compared to where we were in mid-June,” Karine Jean-Pierre, White House Press secretary, said October. “Every day, Americans save about $420 million at the pump compared to mid-June.”

Inflationary pressures have engulfed the economy due to fuel price trends. A survey Gallup’s November survey found that 55% Americans believe rising prices have caused hardships in their homes. This is a slight increase over last year and a steady 13% who believe high prices are causing serious hardships for their families. “As would be expected, inflation has taken a greater toll on lower-income Americans,” Gallup stated that 75% of these people are Gallup respondents “say they have experienced hardship because of rising prices.”