Will gas prices rise again this summer? Here’s what the experts say
If you’re planning your summer vacation, considering a road trip may be a little more affordable, as gas prices are expected to dip in the next few months.
Gas prices reached record highs last year, breaching the $5 a gallon mark for the first time ever in June. After that, prices slowly went down due to a variety of factors, including concerns about a possible recession, and the release of oil from the US Strategic Petroleum Reserve. According to the Energy Information Administration, the country’s oil production this year will likely surpass the record set in 2019.
AAA currently pegs the average gas price at $3.53, which is 21% lower than the prices a year ago. This is still nowhere the lows that they hit in 2020, when the average went below $2 a gallon. Due to lockdowns, very few were able to take advantage of such low gas prices.
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Will gas prices rise again this summer?
The good news for those who intend to go on road trips this summer is that prices could slide down further before the season begins. Axios reports that the average date for summer gas prices to peak has been May 2 over the last 10 years, according to GasBuddy petroleum analyst Patrick De Haan. De Haan predicts that summer prices in 2023 will be tame.
AAA spokesperson Andrew Gross also says there is a strong possibility of large gas deflation from now through hurricane season, per Axios.
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The US Energy Information Administration forecasts gasoline prices to average around $3.40 per gallon during the summer driving season, which is 20% less compared to the prices in summer of last year. The EIA adds that regional summer gas prices will range from near $3 a gallon on the Gulf Coast to approximately $4.30 per gallon on the West Coast.