Gas prices could top $4 in 2023

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(NewsNation) — A new report by GasBuddy predicts average gas prices could hit $4 a gallon again as soon as this May.

The national average for a gallon of regular is dipped 42 cents since last month to $3.13. Still, GasBuddy predicts Americans will still save $277 million in 2023, when compared to what was spent on gas in 2022.

“They basically predict it’s going to be this sort of upward slope as we head into summer, with during the summer prices hitting more than $4 potentially,” said NewsNation business correspondent Lydia Moynihan.

After summer, Gasbuddy predict prices falling once again. It’s a similar trajectory to what happened in 2022, but the service does predict gas prices will be lower overall.

The country will continue to face the same issues impacting energy prices as it did this past year, Moynihan said.

“We really don’t have an increased supply of oil. Over 2022, there was a lot of oil pulled from a special reserve, the Strategic Petroleum Reserve, that was used to sort of help address some of the issues and provide people with more fuel,” she said.

The ongoing conflict in Ukraine will also continue to impact energy supply, as will the level of demand. Summer travel is a big factor in the predicted price spike, as well as the prediction prices will drop when people take their foot off the gas.

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