Experts aren’t giving much hope that gas prices will drop in 2022.
GasBuddy, a company that reports on gas prices in the United States, has released its forecast for 2022 to CNN. The report states that gas prices are expected to go up in 2022. Prices could hit $4 per gallon nationwide by this spring.
America’s booming economy will result in increased demand for gas up in the first half of 2022, according to GasBuddy. Even though oil supply is increasing, it won’t match demand for a while, so higher gas prices will be most evident in May or June before they start to decrease, according to the study.
The average national cost of gas is projected to dip to its lowest point in December 2022 at roughly $3.01 per gallon.
“While we are likely to eventually see relief at the pump as the year wears on, we likely will experience more pain at the pump than what we saw in 2021, with the national average potentially reaching $4/gal for just the second time in history and the first time in over a decade,” Patrick De Haan, GasBuddy’s head of petroleum analysis, said in the study.
According to GasBuddy, most major cities will see gas prices climb to around $4 per gallon in the early summer. Other major markets could even see gas prices jump over $5.
Here’s GasBuddy’s prediction for the monthly average national gas prices for 2022:
January: $3.11 – $3.42
February: $3.02 – $3.35
March: $3.29 – $3.63
April: $3.41 – $3.87
May: $3.52 – $4.06
June: $3.43 – $4.13
July: $3.38 – $3.96
August: $3.31 – $3.82
September: $3.09 – $3.52
October: $2.96 – $3.35
November: $2.87 – $3.24
December: $2.82 – $3.19
Prices are expected to vary widely between states. The projections aren’t set in stone, as severe weather events, such as tornadoes or hurricanes, can also greatly impact gas prices.
“2022 may be filled with curveballs and new challenges as motorists see their annual fuel expenses rise yet again, but there is some measure of relief that we will see,” De Haan said.