GasBuddy: Fuel Prices Expected to Rise For Several More Months GasBuddy: Fuel Prices Expected to Rise For Several More Months
pumping gas

GasBuddy: Fuel Prices Expected to Rise For Several More Months

With 2022 about to get underway, there have been several predictions about what the new year will bring. Among them is a forecast that gas prices will get worse overall before they get better. According to data from GasBuddy (as reported by CNN Business), it is expected that the average price per gallon of gas will reach $3.41 in 2022 compared to a $3.04 average this year. Moreover, the site anticipates that prices will peak at $3.79 around the Memorial Day holiday. After that, based on current projections, prices may recede. Commenting on the prediction, GasBuddy head of petroleum analysis Patrick De Haan told CNN, “We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon.”

GasBuddy’s prediction comes on the heels of their regular monthly gas price report. Incidentally, that data showed average prices falling for a seventh consecutive week. Last week, the nationwide average price per gallon was $3.25. That average is down 4.3 cents from one week prior and marks an 11.1 cent month-over-month decline. Nevertheless, it’s still up more than a dollar from this time last year. Interestingly, with an average price of $3.264 per gallon on December 25th, this year edged out 2013 (which recorded a $3.262 average) to claim the title of most expensive Christmas Day gas prices the app has ever recorded.

Looking more closely at the data, the most common gas price that Americans encountered last week was $2.99 while the median price stood at $3.13 per gallon. Among the most expensive 10% of stations, the average price came in at $4.31 cents, which was down 8¢ from the week beforehand. As for the cheapest 10% of gas stations, the average fell 3¢ from last week to hit $2.71.

Per usual, Oklahoma and Texas both made the list of states with the lowest average prices, both coming in at $2.83. However, Arkansas also made the top three this time around (edging out perennials such as Mississippi) with an average of $2.89. On the other end, the usual suspects saw the highest averages: California ($4.62), Hawaii ($4.28), and Nevada ($3.82).

Of note, in the report, De Haan warns that prices in certain states could see increases soon, writing “[G]as prices are likely to jump in the Great Lakes due to a behavior called price cycling, caused by a rise in the wholesale price of gasoline against a backdrop of prices in the region that have now fallen under replacement cost. This will trigger a likely jump in gas prices in Michigan, Indiana, Ohio, Illinois and Kentucky very soon.”

Of course, given the current state of things, there are plenty of factors that could impact these predictions. Nevertheless, drivers should be prepared to pay a bit more over the next few months. Meanwhile, there’s hope that overall inflation will subside in 2022 — although that’s a subject for another day.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....