Gas prices expected to hit $4 per gallon in Maine this summer, but lower than 2022 highs
Gas prices have been steadily coming down, and Gas Buddy's forecast for 2023 predicts that they will not exceed the $5 per gallon consumers experienced this past summer.
But Patrick DeHaan, head of petroleum analysis for Gas Buddy, says prices will inch up again as motorists hit the road this summer.
"While we are seeing some of the lowest prices currently that we have seen for the last 18 months we do expect gas prices will start to go up and will be $4 a gallon for much of the summer. But comparing that to what we saw this year, that's a lot of relief," he says. "While prices will remain above what most Americans call 'normal,' they won't be as bad as what we saw in 2022."
DeHaan says improvements in refinery capacity have helped, but with China lifting travel restrictions demand worldwide will go up. And he says the ongoing Russia-Ukraine war continues to affect the global oil supply, which means gas prices will remain volatile.
Gas Buddy predicts the highest gasoline prices of the year will be seen in June. Americans, on average, spend more than $2,000 a year on gas.