We know making ends meet with gas prices so high is far from easy. As we head into the summer months, there are a lot of questions about when we could start seeing some relief.
So, will gas prices continue to soar? Will costs make your family’s summer adventures more expensive this year?
In April, the price per gallon averaged $4.17 across the country, which was higher than the $4.10 average cost of a gallon back in 2008.
Let’s start with Gas Buddy’s 2022 forecast. Gas Buddy predicts the national average price will stay around $4.25 a gallon for the rest of May and prices will remain over $4, likely until November.
Tom Kloza is head of Global Energy Research at OPIS. He said gas prices will peak ten weeks from now and will likely stay up until the fall.
President Biden announced Americans can use E-15 ethanol to fuel their vehicles this summer. It should cut the price of gas by about 10 to 15 cents per gallon and will make farmers and farm-state lawmakers happy.
The average family uses about 90 gallons of fuel per month, meaning this move could save families about 9 bucks a month. A gallon of E-15 cost about 2.8% less than a gallon of E-10.
Kloza said it will help some drivers, but not everyone. He said there are a lot of gas stations that don’t have the equipment to offer it.
Diesel prices have also soared. According to the Department of Energy’s EIA, diesel is up nearly 43%. Experts said diesel is driving inflation more than you think.