Will gas prices drop in 2023? Experts weigh in

Trish Hartman Image
Saturday, December 31, 2022
Will gas prices drop in 2023? Experts weigh in
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This year has seen record-setting gas prices and drivers are hoping for some relief.

This year has seen record-setting gas prices and drivers are hoping for some relief.

Experts are predicting another year of high gas prices in 2023, but not as high as 2022.

A resolution for drivers? Spend less on gas.

"Extremely frustrating," said Kyle Magargal of Norwood, Pa. "It's crazy it's all the way up here. At least it's back down in the 3's, you know?"

Fuel savings platform Gas Buddy just put out its 2023 Fuel Price Outlook.

Their analysts say households will spend a little less than $2,500 on gas next year.

It's about $300 less than 2022, but still higher compared to before the pandemic.

"The average household has close to two cars, so you're going to save about 10% on your fuel bill this year, but the forecast does not mean that fuel prices aren't going to go up," said Patrick De Haan, head of petroleum analysis for Gas Buddy. "They very much will go up, especially this spring."

De Haan says there are many global factors that will affect gas prices in the new year.

"Things like China's COVID situation as they start to reopen is a major impact," said De Haan. "Russia's ongoing war in Ukraine, OPEC policy, US Oil production, our continued recovery from COVID."

There's also the difference in tax rates between states.

"When I'm over here in New Jersey I try to fill up because it costs less across the bridge here," said Magargal.

And some are considering bailing on gas altogether.

"Hope for an electric car," said Magargal.

Gas Buddy analysts say if you're looking to save gas, little things like not warming up your car in your driveway, not speeding or driving aggressively can go a long way when it comes to fuel efficiency.