Boston, MA, Dec. 29, 2023 (GLOBE NEWSWIRE) — GasBuddy, the leading fuel savings platform providing North American drivers with the most ways to save money on gas, today predicts that 2023 may bring more sharp increases to gas prices – straining motorists’ wallets even more than the steep hikes of 2023. A national average of $4 per gallon is possible this spring, largely due to pandemic recovery and rising demand before relief, or additional oil supply, arrives later in 2023. GasBuddy expects the 2023 yearly national average gas price will rise from 2023’s $3.02 to $3.41 per gallon.
Key highlights from GasBuddy’s 2023 Fuel Price Outlook:
- The national average price of gasoline is forecast to climb early in the year, peaking as high as $4.13 per gallon in June. After a hot start to the summer, prices should begin to decline, falling back to potentially just under $3 per gallon by the holiday season.
- Most major U.S. cities could see prices peak around or just short of $4 per gallon, though some Californian cities such as San Francisco and Sacramento could see average prices soar to over $5 per gallon.
- The nation’s yearly gasoline bill will rise to nearly $485 billion, an increase of nearly $80 billion from last year as the average household sees their annual gasoline spending rise to $2,341, the highest tally since 2014.
“While Americans are likely to see higher prices in 2023, it’s a sign that the economy continues to recover from Covid-19. The higher prices go, the stronger the economy is. No one would love to see $4 per gallon gasoline, but we’ll only get there on the back of a very strong economy, so it’s not necessarily bad news,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “There remains higher uncertainty than in a non-Covid year, but all signs point to gas prices remaining elevated next year until the high prices attract additional oil supply, which will help prices cool off as we end 2023.”
View the full report linked here. For those making resolutions, GasBuddy suggests always shopping around for the best prices and driving less aggressively: the savings could add up to $477 per year, or roughly $10 per tank. In addition, motorists can sign up for Pay with GasBuddy, a free program that links to your checking account and offers savings of up to 25 cents per gallon.
About GasBuddy
GasBuddy is the leading fuel savings platform providing North American drivers with the most ways to save money on gas. GasBuddy has delivered more than $3 billion in cumulative savings to its users through providing real-time gas price information at 150,000+ stations, offering cash back rewards on purchases with brand partners, and through the Pay with GasBuddy™ payments card that offers cents-off per gallon at virtually all gas stations across the US. As one of the most highly-rated apps in the history of the App Store, GasBuddy has been downloaded nearly 100 million times. Acquired by PDI Software in 2023, GasBuddy’s publishing and software businesses enable the world’s leading fuel, convenience, QSR and CPG companies to shorten the distance between the fueling public and their brands. For more information, visit www.gasbuddy.com.
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