Gas prices are on the rise and new price predictions show that consumers are unlikely to catch a break this year.
But what’s behind rising gas prices. First off, the U.S. has been dealing with inflation the last few months that have seen prices increase. That came about as the coronavirus pandemic started to slow and more people left their homes.
However, that’s not the only reason for the high gas price predictions. The ongoing war between Russia and Ukraine continues to weigh on oil prices. That has some experts expecting the price of crude to reach $185 per barrel, a new all-time high, sometime this year.
Expectations for increased gas prices come as countries continue to place sanctions on Russia. While the U.S. has yet to ban the import of oil from the country, there’s talk that President Joe Biden’s Administration is considering such a move. That would easily cause the price of gas to soar.
Let’s get into the latest gas price predictions consumers need to know about below!
Gas Price Predictions
Gasbuddy’s 2022 price predictions for gas have it expecting the national average to peak at $4.25 per gallon in May. Following that, prices are expected to mostly decrease with the national average for December coming in at $3.78 per gallon. This has the company expecting the yearly U.S. average gas price to be $3.99 per gallon.
Consumers aren’t likely to be happy about the rising gas prices but at least they will start diminishing after the midpoint of the year.
Investors looking for more stock market news for Tuesday are in luck!
We’ve got all the most recent stock market news that traders need to know about for today! Among that is oil price predictions, why Cenntro Electric (NASDAQ:CENN) stock is rising, as well as what has Hycroft Mining (NASDAQ:HYMC) stock on the move. You can find all of this info at the following links!
More Tuesday Stock Market News
- Oil Price Predictions: What Is the Future Outlook for Oil? Where Is Crude Headed in 2022?2025? 2030?
- Why Is Cenntro Electric (CENN) Stock on the Move Today?
- Why Is Hycroft Mining (HYMC) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.