Into the Crystal Ball: 2023 Fuel Prices
Farmers and consumers alike enjoyed a bit of relief at both the gas and diesel pump to wrap up 2022.
Fuel prices started to fall in some locations in early November, and continued through December, thanks to dropping oil prices, and economic uncertainty both in the U.S., but also in China.
But the big question is: will these prices continue to fall in the months ahead?
Apparently also tired of using the word “unprecedented,” Patrick De Haan with GasBuddy says as he looks to 2023, he’s hopeful the New Year will not be a record setting one…
“Beyond that there remain a lot of wild cards that could see gas prices going up potentially above $4 a gallon. But it's been a little difficult to forecast accurately so far out, and it may be again in the year ahead. So long as we continue to see challenges like COVID and Russia's war in Ukraine.”
Oil prices have been trading on the upside, with West Texas Crude recently moving above the $80 per barrel mark. Gas prices also spiked upwards last week. That ended the decline we’d been watching for two months.