GasBuddy expects higher gas prices could return in summer

LAKE PARK, Fla. — The popular app GasBuddy just released its fuel price outlook for the next year. After a tumultuous year, many drivers said they were looking forward to some relief at the gas station.

Dan Amero from Jupiter treks south to Rocket Fuel in Lake Park in search of some cheap gas. He said he would like to see it fall further.

“I hope they come down a little bit because I think people are going to be hurt by the increase in taxes, insurance and food,” he said. “It’s very difficult for people to make ends meet these days.”

According to GasBuddy’s 2023 forecast, the national average gasoline price will drop nearly 50 cents per gallon annually to $3.49.

The app’s forecast cited improvements in refinery capacity, but went on to say there was still uncertainty about the economy and what was happening in Ukraine.

In fact, the app predicts that the summer months could bring higher prices, peaking at $4.19 a gallon in June. In some states, such as California, the situation may be worse.

Eric Cornell, private wealth advisor and branch owner at Helius Wealth Management, said: “On average, households spend around 5% of their monthly income on fuel, so with this change, the percentage won’t change, The dollar amount changes.” “Unfortunately, I don’t think people are getting the same raises that we’ve seen, in terms of gas price increases last year, to keep up with that.”