![]() ![]() The national average is now about 20 cents below the same period of a year ago, according to AAA. That forecast was spot on, with gas prices on track to end the year at roughly that level, or perhaps a few pennies lower.Īfter hitting $5 a gallon in June, gas prices have been on a remarkable decline, especially lately. That proved to be optimistic as prices took off after the invasion.īut in March 2022, GasBuddy revised its call to account for the war and projected the national average would be $3.99. In December 2021, before Russia amassed troops at Ukraine's border, GasBuddy projected the national average for gas would be $3.41 a gallon in 2022. "This is probably the second hardest forecast," De Haan said. Still, quite a bit of uncertainty remains. 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. The national average for regular gas, a metric closely watched by Wall Street, Main Street and even the White House, is expected to drop to $3.49 a gallon in 2023, down roughly 50 cents from the average this year, according to GasBuddy. That spike set off recession alarm bells, worsened inflation and crushed consumer confidence. The good news is that GasBuddy, an app that tracks fuel prices, doesn't expect a repeat of this year's wild swings that at one point sent gas prices above $5 a gallon for the first time ever. Yet the national average could still climb back above the $4-a-gallon threshold as soon as May, according to GasBuddy projections shared exclusively with CNN. ![]() Gas prices will probably be significantly cheaper overall next year. Yet the national average could still climb back above $4-a-gallon as soon as May.
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