- The average gas price in every state is above $4 per gallon
- That’s a first for the U.S. as prices continue to surge
- Experts are expecting gas prices to go down again anytime soon
Gas price predictions are on the minds of investors lately as the cost of fuel continues to soar going into the summer.
Today was a major blow to consumers as the average price of gas jumped above $4 per gallon in every state. This is the first time this has happened as fuel prices have continued to soar since earlier this year.
Now drivers are wondering just how bad those prices are going to get. Unfortunately, it doesn’t look like those prices are going to get any better with the latest predictions having fuel costs increasing more in the coming months.
Let’s jump into all of the latest gas price predictions you need to know about below!
Expert Gas Price Predictions
- “Prices later this week could be closer to $5 per gallon than $4, as demand continues to edge higher and inventories of both gasoline and diesel continue to decline, temperatures warm and motorists get back outside and we near the Memorial Day weekend, the start of the summer driving season.” — Patrick De Haan, GasBuddy’s head of petroleum analysis, told USA Today.
- “The futures market is predicting that oil prices will decline by an amount that would translate to about 50 cents a gallon at the pump by the end of the year. It’s a completely believable prediction, but not certain by any means.” — Severin Borenstein, an energy economist at UC Berkeley’s Haas School of Business, told SFGate.
It looks like gas prices are going to continue weighing on consumers throughout the rest of 2022. Add in inflation and rising interest rates, and it looks like this will be a tough year for the average joe.
Investors searching for more stock market news are in the right place!
We’ve got all the hottest stock news that traders need to know about today! That includes what’s happening with shares of Costco (NASDAQ:COST), DecisionPoint (NYSEMKT:DPSI), and Genius Brands (NASDAQ:GNUS) stock. You can learn all about these matters at the following links!
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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.