2022 May Bring More Sharp Increases to Gas Prices

GasBuddy reports 2022 may bring more sharp increases to fuel prices, following the steep hikes of 2021. A national average of $4 per gallon is possible this spring, largely due to pandemic recovery and rising demand before relief, or additional oil supply, arrives later in 2022. GasBuddy expects the 2022 yearly national average gas price will rise from 2021’s $3.02 to $3.41 per gallon. The national average price of gasoline is forecast to climb early in the year, peaking as high as $4.13 per gallon in June. After a hot start to the summer, prices should begin to decline, falling back to potentially just under $3 per gallon by the holiday season. GasBuddy’s Patrick De Haan says, “While Americans are likely to see higher prices in 2022, it’s a sign that the economy continues to recover from COVID-19.” The nation’s yearly gasoline bill will rise to nearly $485 billion, an increase of nearly $80 billion from last year.

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