The increase in gas prices will intensify the inflationary pressures already being felt by American families.
Gas prices are predicted to reach $4 per gallon by Memorial Day, 2022. If you’re currently feeling pain at the pumps, be prepared for things to get worse: gas prices may rise as high as $4 per gallon by Memorial Day, according to a new forecast by GasBuddy, an app that tracks fuel prices, demand, and outages.cites the GasBuddy forecast that predicts this year’s national average of $3.02 a gallon “will rise to $3.41 a gallon in 2022.
CNN quotes Patrick De Haan, head of petroleum analysis at GasBuddy, as saying: “We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon.” De Haan attributed the rise in gasoline prices to an economy recovering from COVID, the supply struggling to meet the increased demand following unprecedented production cuts, as well as ongoing refinery issues, the news outlet explained.noted that GasBuddy predicts the yearly household spending on gasoline next year will be about $2,341 — up from $1,977 this year. And it suggests that the price of diesel, which powers many logistics networks and trucks, will also see inflation next year.
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