Gas price predictions are worth checking in on today as the national average in the U.S. managed to slip back below $5 per gallon.
This has some consumers wondering if gas prices will continue to head lower in the coming months. There are arguments that a recession could trigger a drop in fuel prices. If so, that means the cost of gas could go even lower.
On the flip side of that, many experts are still predicting higher gas prices over the next few months. The argument here is that crude oil prices are still inflated. That means even if demand for fuel drops, prices could remain high.
Let’s go over the latest gas price predictions for Summer 2022 below!
Gas Price Predictions
- Ed Hirs, an economist at the University of Houston, believes that gas prices will be heading even higher over the next several months. According to him, prices could hit an average of $6 per gallon by the time Labor Day rolls around.
- GasBuddy analyst Patrick De Haan argues the opposite. He believes that current trends mean gas price could be on the decline. If there’s no change, that might see the national average drop to between $4.55 and $4.75 per gallon in the coming weeks.
- Tom Kloza, the global head of energy analysis at OPIS, thinks gas prices will go higher again. He claims that summer travel, as well as schools letting out, will increase demand for fuel and push prices up. That could see gas hit $6 per gallon.
Drivers will want to keep an eye on prices at the pump in the coming weeks to see which way gas costs are going.
Investors seeking out more stock market news are going to want to keep reading!
We’ve got all the hottest stock market news for investors to dive into for Tuesday! A few examples include what’s moving shares of Advanced Micro Devices (NASDAQ:AMD), Palantir (NYSE:PLTR), and Valneva (NASDAQ:VALN) stock today. You can learn all about that at the following links!
More Tuesday Stock Market News
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- Why Is Valneva (VALN) Stock Up 85% 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.