Gas Prices are Expected to Drop Below $3 Per Gallon in 2022

By Toby Friedman

If you drive a car in New York, then certainly you’re aware of the skyrocketing gasoline prices. With gas prices reaching $3.573 per gallon this November many have had to rethink owning a car. Such numbers were not seen since September 2014.

Fortunately, though, the U.S. Energy and Information Administration predicted a price drop in retail gasoline to $3.13 this December before falling even lower to $3.01 per gallon in January.

The EIA expects prices to continue to drop, forecasting the annual, national average to be $2.88 per gallon in 2022.

The new omicron variant of Covid-19 played a role in the escalation of fuel prices since people are using less gas as they try staying indoors as much as possible.

But although it’s hard to predict where Covid-19 will take us next, the decrease in prices at the pump over the next year is still expected due to the increase in crude oil production. The U.S. is expected to produce 11.8 million more barrels per day in 2022.