Gas prices are continuing to rise to start 2023, and experts say prices are “unlikely to turn around any time soon.”
The current average for a regular gallon of gas $3.50, according to AAA.
While it’s nowhere near the record $5.01 reached in June, its far more than what the average was heading into New Year’s Day and what prices were one year ago.
Experts say its possible the average price reaches $4 later this year.
Here’s what to know about gas prices heading into February:
2023 gas prices: How much will gas cost in 2023?
How much have gas prices risen?
Gas prices had a steady decline following a record-breaking summer, going as low as $3.10 on Dec. 22.
But the national average has climbed for five straight weeks, including an 8-cent jump from last week.
At this point in 2022, the average was $3.36, according to AAA.
Why are gas prices going up again?
Last year’s rise were heavily influenced by the Russian invasion of Ukraine and U.S. and European Union sanction placed on Russia, but there several factors for the current price increase:
Gas demand has risen while the price of oil has slowly increased, AAA said Monday, citing data from the Energy Information Administration.
Oil refinery utilization hasn’t fully recovered from cold weather in December and the refineries typically perform maintenance in the coming months, said Patrick De Haan, head of petroleum analysis at GasBuddy.
How long will gas prices continue to rise?
There’s no clear answer.
With oil prices hovering around $80 a barrel, U.S. drivers won’t see a dip in prices within the next couple of weeks, experts said.
“There appears to be little good news on the gas price front, with prices unlikely to turn around any time soon,” De Haan said.
Prices could even have bigger jumps later this year.
The average price for a gallon of gas could be between $3.79 to $4.19 in June, GasBuddy said in its annual gas-prices outlook for 2023..
The current average is close to what Gasbuddy expects to be the yearly average of $3.49 a gallon.
Where is gas the most expensive? Where is gas the cheapest?
The West Coast is where you’ll find the most expensive, with Hawaii leading the way at $4.93. Only three states – Hawaii, California and Washington – have averages above $4.
Here are the five states with the highest average cost of gas:
- Hawaii: $4.93
- California: $4.55
- Washington: $4.12
- Nevada: $3.98
- Colorado: $3.83
As for the cheapest gas prices in the country, look to the Midwest and South. Texas has the cheapest average price of gas in the U.S. at $3.12.
Here are the five states with the lowest average cost of gas:
- Texas: $3.12
- Arkansas: $3.17
- Mississippi: $3.17
- Missouri: $3.18
- Oklahoma: $3.19
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Story Credit: usatoday.com