Gas prices could get back up to $4 a gallon by May, projections show
Cami Mondeaux
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The national average gas price is expected to fall over the coming months but could rise back up to $4 a gallon as early as May, according to estimates from GasBuddy, a company that tracks gas prices across the country.
The national average for gas prices is expected to drop down to $3.49 a gallon in 2023, roughly 50 cents lower than the average in 2022, according to a study from GasBuddy shared with CNN. The daily average price of gas has continued to drop since early October 2022, falling to roughly $3.10 a gallon on Tuesday.
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That’s a significant drop from the year’s peak daily average of $5.02 per gallon recorded in June, which signaled an economic recession and worsened inflation.
However, the cool-off in gas prices may not last long, as experts predict average prices could once again climb to over $4 as soon as May. Those prices are expected to continue to rise over the summer, as gas prices typically climb in the warmer months as families travel.
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“2023 is not going to be a cakewalk for motorists. It could be expensive,” Patrick De Haan, head of petroleum analysis at GasBuddy, told CNN. “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.”
GasBuddy predicts the national average in the summer of 2023 could get as high as $4.25 a gallon before petering out and falling back down to $3 by the end of the year.