2022 May Bring More Sharp Increases to Gas Prices

GasBuddy reports 2022 may bring more sharp increases to fuel prices, following the steep hikes of 2021. A national average of $4 per gallon is possible this spring, largely due to pandemic recovery and rising demand before relief, or additional oil supply, arrives later in 2022. GasBuddy expects the 2022 yearly national average gas price will rise from 2021’s $3.02 to $3.41 per gallon. The national average price of gasoline is forecast to climb early in the year, peaking as high as $4.13 per gallon in June. After a hot start to the summer, prices should begin to decline, falling back to potentially just under $3 per gallon by the holiday season. GasBuddy’s Patrick De Haan says, “While Americans are likely to see higher prices in 2022, it’s a sign that the economy continues to recover from COVID-19.” The nation’s yearly gasoline bill will rise to nearly $485 billion, an increase of nearly $80 billion from last year.

Related articles

Thursday and Friday, November 24th and 25th, 2022 Programs

***No video interviews for our holiday programs on Thursday and Friday. Markets were open for a shortened session on Friday as well. Below are links to our Thursday and Friday episodes with various interviews...

Biden Wants Rail Unions, Freight Railroads to Settle Contract Dispute Themselves

President Biden wants rail unions and freight railroads to resolve their long-running contract dispute themselves, without saying publicly if he’ll intervene or ask Congress to do so, barring an agreement. Biden Press Secretary Karine Jean-Pierre...

Wednesday, November 23rd, 2022 Video and Audio Program

Overall, trade on Wednesday was fairly quiet headed into the Thanksgiving holiday. We did find some late buying interest in grains on the session and in turn, slipped lower in cattle and hogs on...

Farm State Senators Vent Over High Diesel Prices 

High input prices helped fuel debate over the next farm bill at a recent Senate Ag Committee hearing. High diesel prices mean high food prices, as farmers and truckers struggle to pay an average...

USDA Invites Producers to Respond Online to the 2022 Census of Agriculture

The USDA mailed survey codes to all known U.S. ag producers with the invitation to respond online to the 2022 Census of Agriculture at agcounts.usda.gov. The ag census is the nation’s only comprehensive and impartial...

Latest articles

%d bloggers like this: