Loading...

'Could Breach $4 A Gallon': Gas Prices Expected To Spike Again In 2023, Expert Warns

Photo Caption: While it foresees a potentially tumultuous summer for motorists

Despite gas prices decreasing in recent weeks, many drivers can expect to pay $4 per gallon for gas come summertime, according to new projections.

Boston-based tech company GasBuddy shared its early projections with CNN Tuesday. While the company does not anticipate a repeat of 2022, which saw gas prices reach historic highs of more than $5 per gallon, high prices are still expected to return.

“2023 is not going to be a cakewalk for motorists. It could be expensive,” head of petroleum analysis for GasBuddy, Patrick De Haan, told CNN. “The national average could breach $4 a gallon as early as May – and that’s something that could last through much of the summer driving season.”

GasBuddy expects today's national average of $3.10 to soar to a range of $3.52 to $4.05, maxing out at $4.25 in August.

However, GasBuddy notes that various factors will help determine how high prices go, including inflation and developments in the Russia-Ukraine war.

Earlier this month, a $60 per barrel price cap was implemented on seaborne Russian oil. The European Union also enacted an embargo of maritime shipments of crude oil from Russia.

Latest News

MENU

Get the Baltimore Jewish Home Newspaper Delivered to your Mailbox

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore