The gas price surge is predicted to take place by Memorial Day in late May, according to the report from GasBuddy, an app that tracks pump prices, and shared with CNN. However, the analysis stated the average cost of gasoline at pumps nationwide would then fall throughout the summer and fall of 2022, declining below current prices.
“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” Patrick De Haan, director of petroleum analysis at GasBuddy, told CNN.
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While the average price could surpass $4 per gallon by May, the forecast suggested it would most likely peak near $3.79 per gallon in May, CNN reported. In June and July, prices will reportedly decline slightly to about $3.78 per gallon and $3.57 per gallon, respectively, before dropping sharply.
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“Demand has come roaring back,” De Haan declared, according to CNN. “But supply is still catching up after getting cut greatly in 2020.”
The nationwide average price of gasoline dropped to $3.28 per gallon on Tuesday, according to a AAA database. While it is dipping, the current average price of gas remains 45.8% higher than it was just a year ago, according to AAA.
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Government data showed that pump prices have declined nearly 4% since early November when they peaked at $3.41 a gallon. The last time prices were that high was September 2014.
Experts have attributed the decline to increasing coronavirus cases which could threaten the ongoing economic recovery from the pandemic. The White House, however, has credited President Joe Biden’s move to release 50 million barrels of oil from the Strategic Petroleum Reserve on November 23 for the price drop.
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However, oil prices increased following the president’s announcement.
This comes as President Biden calls for scrutiny of top meat industry firms and U.S. oil companies, arguing that a lack of competition has contributed to artificially high consumer prices during the COVID-19 pandemic.
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The Biden Administration’s push to crack down on antitrust violations could cause the ongoing inflation crisis to worsen rather than improve, economist Larry Summers warned this week.
Summers, the Treasury secretary during the Clinton Administration, said proposed antitrust actions were “more likely to raise than lower prices.”
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“The emerging claim that antitrust can combat inflation reflects ‘science denial,’” Summers wrote on Twitter. “There are many areas like transitory inflation where serious economists differ. Antitrust as an anti-inflation strategy is not one of them.”
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U.S. consumer prices surged 5.7 percent in November compared to the same month one year earlier, marking the fastest increase in four decades, according to Commerce Department data. An ongoing labor shortage and supply chain issues have contributed to the issue.
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