2023 Prediction Suggests Gas Prices Could Reach $4 by May

Americans have been experiencing relief from the record-high gas prices and inflation from earlier this year. In June, the average price of gas reached $5.01. Since then, prices have slowly come down but here is what experts predict will happen in 2023:

GasBuddy, a website and app that provides real-time fuel prices in the United States and Canada, predicts Americans can continue to expect lower prices at the pump at the beginning of 2023. According to its report, “The yearly national average price is forecast to drop nearly 50 cents per gallon from that of 2022 to $3.49 cents.”

However, by the spring and summer, it is likely that prices could rise back up. GasBuddy’s report claims that a gallon of gas might reach $4 by May as the weather warms up and gas demand increases. 

The head of petroleum analysis for GasBuddy, Patrick De Haan, explained, “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.”

However, after the summer season, demand and gas prices are expected to decrease.