(LibertySociety.com) – Throughout 2022, average gas prices have been causing drivers across America pain at the pump. According to Finder, the cost per gallon averaged a whopping $4.99 in mid-June, making traveling anywhere more expensive. Although prices have recently been on the decline, the average as of the middle of December was still in the $3 range. So, what does 2023 hold?
On December 28, GasBuddy, an app that tracks gas prices, made a prediction for the cost per gallon during the new year. The good news is that those who run the app believe the overall average price will drop by $0.50 throughout 2023 compared to the average in 2022. The bad news is GasBuddy predicts per gallon costs could reach $4.00 by summer.
After a year of record-breaking gas prices, there's one question on every driver's mind: What can we expect in 2023?
Though the worst may be over, some unexpected turns are likely in the year ahead. What you need to know in GasBuddy's 2023 Fuel Outlook 👇 https://t.co/mO5XijWcMZ
— GasBuddy (@GasBuddy) December 28, 2022
The truth is, gas prices typically peak in the summertime when more people are in their cars traveling for vacations and the like. GasBuddy said Americans should see relief at the pump in January and February when demand is low. The average during those months should be a low $3 per gallon, with prices varying by location. However, a petroleum analyst from GasBuddy, Patrick De Haan, said in the report that “volatility” is still possible during the year. What actually happens with the cost of gas during 2023 remains to be seen.
Copyright 2023, LibertySociety.com