GasBuddy Warns ‘Extreme Amounts of Volatility Remain Possible’ as Fuel Prices Set to Climb

GasBuddy Blog

After a tumultuous year for gas prices, some relief may be on the way in 2023. The yearly national average price of gas in 2023 is forecast to drop nearly 50 cents per gallon from that of 2022 to $3.49, according to GasBuddy’s 2023 Fuel Outlook released today. Continuing improvement in refinery capacity will help alleviate gasoline and diesel prices, though high levels of uncertainty remain amidst Russia’s ongoing war on Ukraine and continuing economic concerns. A $4 national average remains possible ahead of and during the summer driving season.

“2023 is not going to be a cakewalk for motorists. It could be expensive,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The national average could breach $4 per gallon as early as May – and that’s something that could last through much of the summer driving season. Basically, curveballs are coming from every direction. Extreme amounts of volatility remain possible, but should become slightly more muted in the year ahead. I don’t think we’ve ever seen such an amount of volatility as we saw this year, and that will be a trend that likely continues to lead to wider uncertainty over fuel prices going into 2023.”

READ THE FULL STORY

More Breaking News

Latest News

Arizona Senate President Warren Petersen Considers Run Against A.G. Kris Mayes, Who Doubled Down on Trump Electors Case

Nov 22, 20243 min read

Arizona Senate President Warren Petersen (R-Gilbert) confirmed on Monday he is considering a campaign to unseat Arizona Attorney General Kris Mayes in 2026, and later said he is being urged to challenge the attorney general by multiple Arizona attorneys. Mayes was declared the winner of her 2022 election against Abe Hamadeh, who is now the U.S. Congressman-elect for Arizona's eighth district, by just 280 votes, making it the narrowest statewide election in the history of Arizona.

‘Serious Blow to Trust in Our Government’: Lawmakers Torch Wray, Mayorkas for Skipping Out on Hearing

Nov 22, 20244 min read

Senate Republican and Democratic lawmakers joined together in a display of bipartisan condemnation of Department of Homeland Security Secretary Alejandro Mayorkas and FBI Director Christopher Wray after the two declined to testify on Thursday before the Senate on global threats facing the U.S. homeland. Mayorkas and Wray requested to move the annually-scheduled Senate Homeland Security and Government Affairs Committee (HSGAC) hearing to a classified setting, which would have broken with 15 years of precedence according to Democratic Michigan Sen. Gary Peters, Chairman of the HSGAC.

Commentary: Every State Needs a DOGE

Nov 22, 20245 min read

For decades, Americans have been vaguely aware of the now $36 trillion millstone of federal debt around our collective necks. Historically, the abstraction of the national debt barely nudged the body politic to concern themselves with government spending. The electorate largely ignored it. And so did too many of their representatives.

FEMA on the ground after Hurricane Helene

FEMA’s DEI Spending Under Scrutiny

Nov 22, 20243 min read

The Federal Emergency Management Agency is facing scrutiny for its spending on diversity, equity and inclusion policies. Lawmakers at a House Oversight Committee hearing Tuesday pressed FEMA head Deanne Criswell on FEMA’s DEI spending.

More Republican Women Now Own Firearms Than Democrat Men, Poll Finds

Nov 21, 20243 min read

More Republican women on average now own firearms than Democratic men, according to a Gallup poll released Thursday. From 2019 to 2024, an estimated 33 percent of Republican women owned a firearm compared to only 29 percent of Democratic men, according to Gallup’s six-year groupings of ownership data. Compared to years 2013 to 2018, Republican women saw a 14-point spike in ownership.