Despite gas prices decreasing in recent weeks, many drivers can expect to pay $4 per gallon for gas come summertime, according to new projections.
Boston-based tech company GasBuddy shared its early projections with CNN Tuesday. While the company does not anticipate a repeat of 2022, which saw gas prices reach historic highs of more than $5 per gallon, high prices are still expected to return.
“2023 is not going to be a cakewalk for motorists. It could be expensive,” head of petroleum analysis for GasBuddy, Patrick De Haan, 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 expects today's national average of $3.10 to soar to a range of $3.52 to $4.05, maxing out at $4.25 in August.
However, GasBuddy notes that various factors will help determine how high prices go, including inflation and developments in the Russia-Ukraine war.
Earlier this month, a $60 per barrel price cap was implemented on seaborne Russian oil. The European Union also enacted an embargo of maritime shipments of crude oil from Russia.
