after a difficult year gas price, Gasbuddy experts say it could take a break in 2023. Annual national averages are projected to drop about 50 cents per gallon from 2022 to about $3.49, with a summer average of $4.
It’s important to note that GasBuddy said that oil and gas prices are variable and that there is still a level of uncertainty about future prices at the pump.
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Highlight directly from GasBuddy’s 2023 Fuel Outlook:
- The national average gas price may cool early in the year as demand remains seasonally weak, before starting to rise in late winter and into the $4 per gallon range in the summer. Barring unforeseen problems, prices will return to normal seasonal fluctuations in 2023, rising in the spring and falling from Labor Day through the fall.
- Prices are expected to hit about $4 a gallon in most major U.S. cities, while California regions like San Francisco and Los Angeles will require refiners to make their own prescriptions for gasoline in the summer of 2023. If it struggles below , gas prices near $7 could hit again.
- Americans will spend an estimated $470.8 billion on gasoline in 2023, an estimated $55 billion less from 2022. Estimated annual household gas spending also decreased by $277 to his $2,471.
“2023 is not going to be easy for drivers. “The national average is that he could be over $4 a gallon in May, and that could last through most of the summer driving season.
In 2022, gas prices hit record highs above $5 a gallon in many states, including Pennsylvania, which has one of the highest gas taxes in the nation.
Pennsylvania’s gas tax will increase from 58 cents to 61 cents per gallon. Three cents isn’t a big deal to most people, but when UPS and wholesalers like Sheets and Sam’s Club pass that tax on to their customers, in-transit freight/delivery companies, etc., thousands of gallons a week. It can affect companies that use the fuel.
According to GasBuddy, the highest gas prices for 2023 are expected to be seen in June similar to what was seen in 2022.
https://www.wtaj.com/news/regional-news/report-shows-what-2023-gas-prices-could-look-like/ Report shows what gas prices will look like in 2023