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GasBuddy releases 2022 fuel forecast

Posted at 11:43 AM, Jan 05, 2022
and last updated 2022-01-05 11:43:37-05

CLEVELAND — The national average for gas has dropped over the course of the last few weeks, but now new reports from GasBuddy show they are once again trending upward in the last 24-hours.

Right now, the average price for a gallon of regular gas in the greater Cleveland area is $3.07, with the national average coming in about $3.28.

GasBuddy recently published its 2022 forecast, and the group is predicting prices across the country will increase to an average of $3.41 per gallon, compared to $3.02 in 2020.

“Anything that impacts supply and demand global issues, OPEC oil production, US oil production, US refining capacity. There's a lot of different factors,” said Patrick De Haan, head of petroleum analysis for GasBuddy. Prices will tend to be lower in the winter months, January, and February. And just like every year, we'll start to see prices go up in March.”

Many parts of Northeast Ohio could see prices at or just below $4 per gallon through May or June. Prices haven’t been that high since 2011.

“Looking at Ohio, it tends to be right out or ever slightly below the national average when it comes to overall gas prices, De Haan said. “Almost every state charges a different amount for gasoline tax. You look at the extremes, look at California. They charge almost $4 a gallon in tax. Ohio is just about at the national average, about 60 cents a gallon of tax.”

Economists predict that inflation prices will level out this year and not last as long or reach the levels we saw in the early 1970s or early 80s.

“I think in the year ahead, it's always important for motorists to find those cheap prices and not necessarily to drive around but use an app like Google or GasBuddy or Waze. Just to make sure that you know what you're paying is a good price. You can end up spending two to three hundred dollars less on gasoline over the course of a year.”

There are several factors that play into the prices at the pump, including the current pandemic, which is why prices may continue to fluctuate.

“So, it's going to be a bumpy ride. We could see some high prices, some of the highest prices we've seen since 2008. But those high prices will incentivize oil companies to raise production,” De Haan said.

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