Gas Prices May Hit $4 All Over Again, Report Finds

( After a monumental increase in gas prices earlier in 2022, they have fallen precipitously over the last six months.

But, new data presented by GasBuddy shows that average gas prices could rise to or above $4 per gallon by as early as May of 2023.

Data compiled by AAA shows that the current average price for gas across the country sits at $3.10 per gallon. That’s way down from June, when many locations in the country saw gas prices in excess of $5 per gallon.

Those prices aren’t expected to go back up to that level again in the near future, though they certainly are projected to increase.

Patrick De Haan, the head of petroleum analysis at GasBuddy, told CNN recently:

“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.”

Gas prices were already on the rise in when, earlier this year, Russia invaded neighboring Ukraine. Officials at the White House have consistently blamed Russian President Vladimir Putin for the increased gas prices that followed, with President Joe Biden calling it “Putin’s gas tax” on more than one occasion.

At the same time, the president called on American fossil fuel companies to keep the prices down. Earlier in the year, he said:

“It is also important that the oil and gas and refining industries in this country not use the challenge created by the war in Ukraine as a reason to make things worse for families with excessive profit taking or price hikes.”

Not surprisingly, when prices began to fall a few months ago, the Biden administration tried to claim that the reason they did so was because of the policies the White House was putting into place.

In October, White House Press Secretary Karine Jean-Pierre pressed that narrative when she said:

“Every month, the typical two-driver family saves about $120 at the pump compared to where we were in mid-June. Every day, Americans save about $420 million at the pump compared to mid-June.”

Many drivers in America said that if gas prices were to increase in the beginning of the new year, they would cut back on their driving so they could save money. A recent Yahoo poll found that 66% of drivers in the U.S. said that they would make “significant changes to their driving patterns” in the spring if the average price of a gallon of gas falls between $4.12 and $4.35.

Gas prices had little effect on holiday travel at the end of this year. AAA reported that almost 102 million Americans had plans to drive to holiday destinations this year, which represents an increase of 2 million over last year.

As De Haan said:

“Basically, curveballs coming from every direction. I don’t think we’ve ever seen such an amount of volatility as we saw this year.”