The yearly national average is forecast to drop around 50 cents per gallon to $3.49...
Then, Russia’s February invasion of Ukraine changed the global energy landscape. The price of crude soared above $120 per barrel.
As the world scrambled to replace Russian petroleum products lost to the market, gasoline prices started marching solidly upward – by mid-May, Houston drivers were paying more thanPrices have retreated in the second half of the year, but mostly due to fears that a global economic downturn could hurt fuel demand. Houstonians are paying about $2.70 cents per gallon
While Moscow’s war shocked the system, experts say dwindling refining capacity was already helping to push prices hire. Refining capacity has shrunk by 1 million barrels a day in the United States and 3 million barrels per day globally since January 2020. The coming year should bring some improvements to refining capacity, according to GasBuddy, as major refiners plan to expand their facilities. But volatility isn't expected to end with the turn of the calendar to 2023.
“Extreme amounts of volatility remain possible, but should become slightly more muted in the year ahead,” DeHaan said. “I don’t think we’ve ever seen such an amount of volatility as we saw , and that will be a trend that likely continues to lead to wider uncertainty over fuel prices going into 2023.”
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