Gas prices could get back up to $4 a gallon by May, projections show

Gas prices could get back up to  a gallon by May, projections show

by Cami Mondeaux

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.

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.

“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.

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