BUSINESS + ECONOMY

Gas prices will continue to drop in 2023, according to price watchers

Dec 29, 2022, 12:00 PM

a person pumps gas, which is expected to lower in price in 2023...

Matt Wolski pumps gas at Shoppers Express in Salt Lake City on Tuesday, May 10, 2022. Gas prices have hit a new record high. (Kristin Murphy/Deseret News)

(Kristin Murphy/Deseret News)

SALT LAKE CITY — Gas price watchers at GasBuddy predict that next year’s pain at the pump will subside a bit.

Russia’s invasion of Ukraine has affected the global market for fossil fuels and crude oil over the last year. The U.S. and European Union placed sanctions on Russia that forced crude oil prices to go up.

Last June broke the record for the U.S.’s highest national average price for a gallon of gas: $5.016.

Thankfully, those prices dropped. The national average as of Thursday was $3.159, according to AAA.

And, 19 states are reporting averages of less than $3 per gallon of gas.

GasBuddy predicted that 2023’s yearly average for gas would be $3.49.

But average national prices will still see some spikes, GasBuddy said. Next year, GasBuddy predicts an average price during peak travel season in the summer, at just over $4 per gallon. Which will still be lower than 2022’s summer averages.

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Gas prices will continue to drop in 2023, according to price watchers