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Breaking News:

Gasoline Draw Sends Oil Prices Higher

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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U.S. Gasoline Prices Haven’t Peaked Just Yet

  • Gasbuddy: U.S. gas prices could rise to almost $3.80 per gallon before peaking
  • According to the forecast data, the national average would rise to $3.41 per gallon in 2022
  • Gasbuddy: We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon

U.S. gas prices could rise to almost $3.80 per gallon before peaking, according to new data from GasBuddy reported exclusively by CNN.

According to the forecast data, the national average would rise to $3.41 per gallon in 2022, up from this year's average of $3.02 per gallon. The peak could come in May 2022, at $3.79 per gallon.

That's considerably higher than what the federal government projects for prices at the pump. Earlier this month, the Energy Information Administration forecast in its Short-Term Energy Outlook that the average retail price for gasoline next year would fall to $2.88 from $3.00 this year.

Gasoline prices remained elevated for much of the year, only beginning to slide lower earlier this month. According to the AAA, however, the decline was not necessarily sustainable.

"Consumers may be catching a break at the pump right now, but it's not for a very good reason," AAA spokesperson Andrew Gross said in early December. "A potential COVID-19 induced economic slowdown hurts everyone and could prompt OPEC to slash production if oil prices drop too low," Gross added.

This week, GasBuddy's head of petroleum analysis Patrick De Haan tweeted that last week had seen the largest decline in the national average, at $0.043 per gallon, adding that in most parts of the U.S., prices were likely to continue down this week with the exception of the Great Lake states where prices could inch up.

"We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon," De Haan told CNN with regard to 2022 prices. As of Monday, the national average, per AAA data cited by CNN, was $3.29 per gallon.

"The economy is hot. Demand has come roaring back. But supply is still catching up after getting cut greatly in 2020," De Haan also told CNN.

By Irina Slav for Oilprice.com

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  • Jon Galt on December 29 2021 said:
    what's in the oil reserves in Oklahoma is too high in sulfur for anyone who wants to refine it. everyone dumped unwanted oil into the reserves.
    free money. it was never going to be used!. Remember the American Express scandal with the salad oil receipts. this may be a bigger problem. Sludge and bilge, tar, the stuff that washed up on the shoreline.














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