GasBuddy Predicts Gas Prices Could Rise to $4 Per Gallon by Memorial Day

According to GasBuddy, a company that tracks gas prices in the United States, the national average for gas prices is expected to decrease in the coming months. Still, it may increase to around $4 per gallon as early as May. A study from GasBuddy shared with CNN estimates that the national average for gas prices will drop to $3.49 per gallon in 2023, approximately 50 cents lower than the average in 2022. 

The daily average price of gas has been decreasing since October 2022 and was approximately $3.10 per gallon on Tuesday, a significant decrease from the peak daily average of $5.02 per gallon recorded in June, indicating an economic recession and increased inflation. 

However, the decline in gas prices may be short-lived. Experts predict that prices could rise above $4 again in May and continue to increase throughout the summer, as gas prices tend to increase during the warmer months when more people are traveling.

GasBuddy claims the national average for gas prices in the summer of 2023 may reach as high as $4.25 per gallon before decreasing and returning to around $3 per gallon by the end of the year. Patrick De Haan, head of analysis for the company, 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.”

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