(NEXSTAR) – GasBuddy, a company that closely tracks gas prices across the country, has released its forecast for 2022 and we have some bad news for you. Gasoline prices were once expected to rise and could hit $4 a gallon nationwide in the spring.
To put it bluntly, the national average was around $3.28 at the end of December 2021.
A continued economic recovery (even amid the current spike in omicrons) will continue to drive gas demand up in the first half of 2022, GasBuddy expects. According to the company’s analysis, oil supply is also growing, but it could take some time before it catches up with demand. That’s why we should see gasoline prices rise in May or June before they start falling again.
The national average is expected to hit a low next year in December at around $3.01 a gallon.
“While we will likely eventually see pumps ease as that year goes on, we are likely to experience more pain at the pump than we saw in 2021, given the level the national average is likely to hit $4/gal for only the second time in history and the first time in over a decade,” Patrick De Haan, GasBuddy’s head of oil and gas analysis, said in the report. .
GasBuddy predicts prices will hit around $4 per gallon for most major cities by early summer, while cities like Sacramento and San Francisco could see prices rise to $5.
Here’s how to forecast gas prices month by month. For each month, there is a range of possibilities for the national average:
- January: $3.11 – $3.42
- February: 3.02 USD – 3.35 USD
- March: $3.29 – $3.63
- April: 3.41 USD – 3.87 USD
- May: $3.52 – $4.06
- June: $3.43 – $4.13
- July: 3.38 USD – 3.96 USD
- August: $3.31 – $3.82
- September: $3.09 – $3.52
- October: 2.96 USD – 3.35 USD
- November: $2.87 – $3.24
- December: $2.82 – $3.19
The numbers above are projections for the national average, but prices will vary from state to state. In California, for example, prices are often significantly higher than the national average. In states like Texas and Oklahoma, GasBuddy finds prices often lower.
Forecasting is particularly difficult amid the pandemic, as supply is disrupted and demand fluctuates due to travel restrictions. Severe weather, like hurricanes, can also disrupt refineries and make gas prices unpredictable.
“The year 2022 could be filled with new twists and turns as motorists see their annual fuel costs rise again, but we should see some relief,” De Haan said. “Until then, motorists will be forced to amass hard-earned cash to satisfy their insatiable thirst for gas.”
https://wgntv.com/news/heres-when-gas-prices-are-expected-to-peak-in-2022/ This is when gas prices are expected to peak in 2022