In a report provided by Gasbuddy to CNN, the fuel economy experts predict gas prices in the US will surge in 2022 before lowering again.
In the report, provided exclusively to CNN, Gasbuddy predicts fuel will hit an average of $3.41, hitting a peak average of $3.79 in May before coming back down to below current prices. This prediction will reverse some of the relief Americans have been feeling at the pump in the last few weeks.
The White House says the recent decrease in fuel prices is due in part to the administration’s release of the Strategic Petroleum Reserve. “These savings are beginning to reach Americans, and should pick up in the weeks ahead. And it can’t happen fast enough,” Biden said on Friday.
The Gasbuddy forecast also shows some areas may see gas prices approaching and surpassing the $4 mark in June. Gasbuddy’s head of petroleum analysis, Patrick de Haan, told CNN, “The economy is hot. Demand has come roaring back. But supply is still catching up after getting cut greatly in 2020.”
ARTICLE: LAURA SPIVAK
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: WPR.ORG
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