By Kevin Haas
Rock River Current
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ROCKFORD — The average price of fuel across the country could hit $4 per gallon by spring, according to the annual fuel price outlook prepared by GasBuddy.
The average cost of a gallon of gas was $3.21 per gallon Wednesday in Rockford, which is about 23 cents lower than this time a month ago, according to GasBuddy’s survey of stations in the city. The national average is $3.28 per gallon.
But fuel prices are expected to increase next year due to pandemic recovery and rising demand. A national average of $4 per gallon is possible by spring, with an anticipated peak of $4.13 per gallon in June, according to Patrick De Haan, head of petroleum analysis for GasBuddy.
Related: Gas prices break Christmas Day record
“While Americans are likely to see higher prices in 2022, it’s a sign that the economy continues to
recover from COVID-19,” De Haan said. “The higher prices go, the stronger the economy is. No one would love to see $4 per gallon gasoline, but we’ll only get there on the back of a very strong economy, so it’s not
necessarily bad news.”
GasBuddy predicts the 2022 yearly national average will increase from $3.02 this year to $3.41 per gallon in 2022. The average fuel cost could fall below $3 per gallon in time for the holidays in 2022.
“There remains higher uncertainty than in a non-COVID year, but all signs point to gas prices remaining
elevated next year until the high prices attract additional oil supply, which will help prices cool off as
we end 2022,” De Haan said.
Last year, GasBuddy’s forecast called for an annual average gas price of $2.44 per gallon, 58 cents lower than the actual average. It’s annual forecast has been higher than the average in eight of the last 10 years.
“2021’s large margin of error was entirely due to turbulence from the pandemic, which caused many imbalances that were impossible to predict at the start of the year, like how quickly the economy rebounded and the growing imbalance between supply and demand,” the report reads.
You can read the full report here.
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas.