Here’s When Gas Prices Could Return To $4 Per Gallon, According To New Projection

Ben ZeisloftDecember 27, 2022

Gas prices According to the EPA, it could reach or exceed $4.00 per gallon by next May. data CNN shared GasBuddy

According to the National Average Gasoline Price Index, it currently stands at $3.10 per Gallon. data AAA Prices surpassed $5.00 per gallon June. While these prices are not expected to rise, they could increase significantly in the future.

“2023 is not going to be a cakewalk for motorists. It could be expensive,” GasBuddy Head of Petroleum Analysis Patrick De Haan told CNN. “The national average could breach $4.00 a gallon as early as May, and that’s something that could last through much of the summer driving season.”

The Russian invasion of Ukraine in Feb. saw gas prices rise again, after they had already increased precipitously since 2021. Officials at the White House have blamed Russia’s President Vladimir Putin and domestic fuel producers for high gas prices. “It is also important that the oil and gas and refining industries in this country not use the challenge created by the war in Ukraine as a reason to make things worse for families with excessive profit taking or price hikes,” Biden said This year, earlier.

The administration has also claimed Recent declines in gas prices, which have fallen from records 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, stated this in October. “Every day, Americans save about $420 million at the pump compared to mid-June.”

Consumers indicated that they would alter their driving habits in order to save money as gas prices rose toward the start of the year. Sixty-six percent of American drivers declared in spring that they would alter their driving behavior to reduce gas prices. “significant changes to their driving patterns” According to a survey, the national average gasoline cost is between $4.12 and $4.35 per galon. poll Yahoo.

Despite the turmoil in gas prices, Americans still managed to travel at record levels during Christmas season. According to the Census Bureau, nearly 102 million Americans plan to drive to holiday destinations. This represents an increase of 2,000,000 drivers from last year. data AAA

“Basically, curveballs coming from every direction,” De Haan told CNN. “I don’t think we’ve ever seen such an amount of volatility as we saw this year.”

The fuel prices vary greatly across the country. Californians currently pay $4.37/gallon, according To data AAA. Recently, Governor Gavin Newsom (D–CA) attempted to pass 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 earlier in the year for legislation that would allow Biden a declaration “energy emergency,” He has the power to regulate fuel prices and prevent fuel companies selling their products at rates they consider unacceptable. “unconscionably excessive.”