Source: Bloomberg via Getty Images
GasBuddy is out with its gas price predictions for 2023, revealing we can expect to pay less at the pumps overall compared to 2022.
However, GasBuddy – an app that provides real-time gas price info – predicts gas prices to rise to $4 per gallon just in time for the busy summer road travel season.
BREAKING: GasBuddy issues 2023 Fuel Outlook, says #gasprices in 2023 to be nearly 50 cents per gallon lower than 2022; $4 remains possible. Press release: https://t.co/tqllMihLh8
2023 Outlook: https://t.co/zs1W0GmLLP
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) December 28, 2022
According to GasBuddy, gas is expected to set consumers back by approximately $3 per gallon at the beginning of the year, rising in late spring and summer before decreasing again in the fall and winter.
“2023 is not going to be a cakewalk for motorists. It could be expensive. 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,” said Patrick De Haan, the head of petroleum analysis for GasBuddy, in a statement reported by Fox News.
“Basically, curveballs are coming from every direction. Extreme amounts of volatility remain possible, but should become slightly more muted in the year ahead,” he added. “I don’t think we’ve ever seen such an amount of volatility as we saw this year, and that will be a trend that likely continues to lead to wider uncertainty over fuel prices going into 2023.”