Across the country, Americans may see lower gas prices at the pump in2022. On Tuesday, the U.S. Energy and Information Administration projected that retail gasoline prices would average $3.13 per gallon in December before falling to $3.01 per gallon in January.
People also ask
Why are gas prices going back down?
Oil trading is slowing, with traders anticipating lower demand due to fears of an oncoming global recession. As a result, the national average price of gas per gallon has inched back down, with the current average at $4.80 per gallon, according to AAA.
How much has the average gas price dropped in Ohio?
For the fourth straight week, the nation’s average gas price has fallen, declining 13 cents from a week ago to $4.68 per gallon Monday, according to AAA. In Ohio, prices were down to $4.57, a 17-cent drop from a week ago.
Will gas prices hit $6 a gallon before Labor Day?
With expectations of strong driving demand through Labor Day, JPMorgan analysts have predicted $6 a gallon nationwide before fall. Natasha Kaneva, JPMorgan’s head of commodities research, said the price per gallon could jump to $6.20 per gallon by August, Insider reported in mid-May.
Will gas prices go up in 2021?
It expects Brent prices to fall towards $80 in 2022. For WTI, it expects prices to rise to $82 in 2021 and then fall to $77 by the end of 2022 Can you benefit from higher gas prices? When crude oil prices go up, gas prices rise too.