How Gasoline Prices Changed in 2022, What to Expect in 2023

How Gasoline Prices Changed in 2022, What to Expect in 2023

The average price of premium gasoline in the United States was reported to be more than $5 per gallon (3.8 liters).

A year ago, the average US price of a gallon of gasoline was $3.07; since then, its value has increased by 62%.

Even though American countries have long been accustomed to significantly more gas stations, gasoline taxes in the United States are lower, so Americans are sharply shocked by the sharp increase in prices.

The increase in fuel prices follows a steady rise in oil prices, which fell sharply in the early days of the COVID-19 pandemic due to falling consumption but rose again as global economic activity slowed down.

Oil prices jumped further after Russia started a war with Ukraine at the end of February, prompting widespread bidding against Russia, a significant oil producer.

Now a barrel of crude oil is being sold in London and New York for over $120.

According to statistics, US energy prices rose almost 35% higher in May than in 2022. This is the observed increase in consumer prices in the US, which jumped 8.6% in May compared to the same period last year, which was a record increase over the previous 40 years.

As the summer holiday season approaches, Americans who drive big cars and consume a lot of gasoline tend to see consumer energy prices rise.

This implies more pressure on consumers, who already face higher food prices (up 10.1% in May), rental housing, cars, and medical services.

For several months now, the White House has been convincing that the administration is doing everything possible to lower prices without hindering the economy's effects.

But in November, Americans will be re-electing all members of the House of Representatives and part of one senator. The main concerns are the polls of representatives, what voters call factions, inflation, and rising gasoline prices.

On Friday, the president again lashed out at the US oil industry, warning that energy companies should not "take advantage of the problems created by the war in Ukraine to increase profits and increase prices, which makes families worse off" in the US.

Analysts predicted the cost of gasoline in the US in 2023

It is possible that the average cost of one gallon of gasoline per. How will this affect quotes?
The experts recalled that at the end of August 2022, the retail price of gasoline in the United States of America averaged $3.83 per gallon, which is $0.69 (22%) more than last year. At the same time, according to EIA data, the price peak passed back in mid-June when the average retail price of one gallon was $4.32, and WTI oil was $122 per barrel.

On October 24, the White House announced that US President Joe Biden's administration would use all resources to reduce gasoline prices in the domestic market. Measures include the president's announced the extension of the program to release oil from the strategic reserve until December, the intention to buy oil at a price of about $70 per barrel to replenish the account, and a call for oil and gas companies to transfer their proceeds from reduced production and oil prices to consumers at gas stations.