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Higher gas prices could return in the summer, GasBuddy projects

Drivers hoping for less tumultuous year of filling up at the pump
Posted at 4:51 PM, Dec 29, 2022
and last updated 2022-12-29 16:51:07-05

LAKE PARK, Fla. — GasBuddy, a popular app, just released its outlook on fuel prices for the next year. After a tumultuous year, many drivers said they’re looking forward to some relief at the pump.

Dan Amero, from Jupiter, made the trek south to Rocket Fuel in Lake Park, looking for some inexpensive gas. He said he’d like to see it go down even more.

“I hope they come down a little bit, because I think people are going to be hurting with the increase in taxes, insurance, food,” he said. “It’s just pretty difficult for people to make ends meet these days.”

According to GasBuddy’s 2023 projection, the yearly national average price of gas will drop nearly 50 cents/gallon to $3.49.

The app’s forecast cites improvement in refinery capacity, but went on to say uncertainty does remain with the economy and what’s happening in Ukraine.

In fact, the app projects summer months could bring higher prices with a peak of $4.19 a gallon in June. Some states like California could be even worse.

“On average households spends about 5% of their monthly income on fuel, so as that changes, the percentage doesn’t change, the dollar amount does,” said Eric Cornell, a private wealth advisor and branch owner with Helius Wealth Management. “Unfortunately, I don’t think people are getting raises that equate to what we have seen, in terms of gas price increases over the course of the last year, to keep up with that.”