Here’s when gas prices are expected to peak in 2022
(NEXSTAR) – GasBuddy, a company that closely tracks gas prices across the country, has released its forecast for 2022 and we’ve got some bad news for you. Gas prices are once expected to rise and could reach $ 4 a gallon nationwide by the spring.
Get daily news alerts, weather and breaking news straight to your inbox! Subscribe to abc27 newsletters here
To put that in perspective, the national average is around $ 3.28 at the end of December 2021.
The continued economic recovery (even amid omicron’s current peak) will continue to drive demand for gas up into the first half of 2022, GasBuddy expects. Oil supply is also increasing, but it may take some time before it fully meets demand, according to the company’s analysis. That is why we will see gas prices rise until May or June before they start to fall again.
The national average is expected to bottom out next year in December at around $ 3.01 per gallon.
“While we are likely to see relief at the pump as the year progresses, we will likely experience more pain at the pump than we saw in 2021, with the national average potentially reaching $ 4 / gallon for the second time in history. and the first time in over a decade, ”said Patrick De Haan, head of petroleum analysis at GasBuddy, in the report.
GasBuddy predicts prices will hit around $ 4 a gallon for most major cities in early summer, while cities like Sacramento and San Francisco could see prices go above $ 5.
Here’s how the gas price forecast breaks down month by month. For each month there is a range of possibilities for the national average:
- 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
The numbers above are forecasts for the national average, but prices will vary state to state. In California, for example, prices are generally significantly higher than the national average. In states like Texas and Oklahoma, GasBuddy finds prices generally lower.
Forecasting is especially difficult amid the pandemic as supply disruptions occur and demand fluctuates based on travel restrictions. Inclement weather, such as hurricanes, can also disrupt refineries and make gas prices unpredictable.
“2022 could be filled with curveballs and new challenges as motorists see their annual fuel expenses rise yet again, but we’ll see some relief,” De Haan said. “By then, motorists will be forced to put more of their hard-earned money into meeting their insatiable thirst for gasoline.”