Gas Prices In 2022 Were The Highest On Record. Here’s Where They Could Be Heading Next Year.

In 2022, global natural gas prices in the United States reached their highest level since GasBuddy began tracking, and they are likely to remain higher than previous levels next year.

A petroleum company written prices will average $3.96 per gallon in 2022, up from the $3.02 per gallon recorded in 2021 and the $2.17 per gallon recorded in 2020. per gallon by summer, the reading would still be among the highest annual prices at the tap in more than a decade.

Oil prices, already at their highest level since the start of 2021, saw another spike after Russia’s invasion of Ukraine in February, surpassing $5.00 per gallon in June before falling for the remainder of the year. The average price of gasoline worldwide is currently $3.20 per gallon, according to AAA research.

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National gas price forecasts published by GasBuddy this week show prices rising from $2.99 ​​per gallon in February to $3.99 per gallon by June before dropping back to $3.17 per gallon in December. Households spent an average of $2,748 on gas in 2022, a figure that GasBuddy expects will drop to $2,471 in 2023.

Although gas prices around the world have risen in recent years, Americans’ spending on gas varies greatly across the country. California residents are currently paying an average of $4.40 per gallon, according to data from AAA, while residents of Alabama and South Carolina are paying $2.93 per gallon.

Democratic lawmakers often blame Russia’s invasion of Ukraine and the oil industry’s rising costs. Governor Gavin Newsom (D-CA) recently tried to introduce a “price gouging penalty” that would have forced oil companies to cut their profits to avoid civil penalties from the California Energy Commission. House Speaker Nancy Pelosi (D-CA) expressed support earlier this year for legislation that would allow President Joe Biden to declare an “energy emergency,” which would give him the power to control prices by prohibiting oil companies from selling at prices deemed “unreasonable.” too much.”

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White House officials say the recent drop in oil prices from their summer highs is due to the policies implemented by the military chief. “Every month, a two-driver family saves about $120 at the pump compared to where we were in mid-June,” White House Press Secretary Karine Jean-Pierre said in October. “Every day, Americans save about $420 million at the tap compared to mid-June.”

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The movement of oil prices has led to inflation which has disrupted the economy. A poll conducted by Gallup in November found that 55% of Americans believe that rising prices have caused problems in their families, showing a slight increase from the end of last year, although a steady 13% believe that high prices are causing problems for them. families. “As you might expect, inflation has taken a heavy toll on low-income Americans,” Gallup said, noting that more than 75% of those “say they have experienced problems as a result of inflation.”


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