How much will gas cost in 2023?

The average gas prices are expected to hover at $3.49 per gallon next year, 50 cents cheaper than 2022’s average. The Energy Information Administration’s latest Short-Term Energy Outlook also released similar findings — a gallon of gas is expected to cost $3.57 on average in 2023, compared to $4.05 in the previous year, per USA Today.

Why did gas prices surge in 2022?

The short answer is that we don't really know. A big reason gas prices surged in 2022 was the eruption of the Ukraine conflict. That conflict is still unresolved. Meanwhile, the Energy Information Administration predicts that a regular gallon of gas is expected to average $3.57 in 2023, compared to $4.05 in 2022.

How much will gas cost in February?

The lowest expected prices for gas will come in February, with a national average of $2.99 for a gallon of regular unleaded gasoline, fuel-savings app GasBuddy forecasts. But prices could hit $4 for a gallon of gas during the peak of travel season next summer, the company said in a forecast released Wednesday.

Will refinery capacity improve in 2023?

On the supply side, GasBuddy expects refinery capacity to improve in 2023, but issues that require maintenance could always come up — and send prices higher. James Williams, energy economist at WTRG Economics, predicts the average price of gas this year will be close to the current price, which is around $3.20 per gallon.