But everything changed after Russia invaded Ukraine, raising the specter of severe supply crunches. Virtually no one expected the spike to $5.02 a gallon in June. The past year shows how difficult it can be to predict energy prices. The federal government has issued similar projections to GasBuddy’s.Įarlier this month, the Energy Information Administration (EIA) said the national average is expected to average about $3.50 a gallon in 2023 as refineries continue to ramp up production of gasoline. The GasBuddy forecast calls for the daily national average to top out at as high as $4.25 a gallon in August before dropping towards $3 a gallon by the end of the year. In addition to the pick-up in demand, r efiners switch over to summer-grade gasoline, which is designed to improve air quality and costs more to produce. Gas prices typically rise heading into the summer as Americans hit the road more during the warmer weather. “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.”
It could be expensive,” Patrick De Haan, head of petroleum analysis at GasBuddy, told CNN.
“2023 is not going to be a cakewalk for motorists. The bad news is GasBuddy expects the national average to climb from $3.10 a gallon today to a range of $3.52 to $4.05 in May as Americans hit the roads. If that holds true, total US gasoline spending would drop by about $55 billion, according to the forecast. That cooldown could prove significant, translating to families spending an average of $277 less on fuel for the year. Cranking up the heat is going to cost you Temperatures plunged far and fast Thursday as a winter storm formed ahead of Christmas weekend, promising heavy snow, ice, flooding and powerful winds across a broad swath of the country and complicating holiday travel. A local resident shovels snow off the end of a driveway, Thursday, Dec.
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