LI Gas Prices Could Climb To $4 Next Year, Study Finds

LONG ISLAND, NY — Gas prices in 2023 are likely to be high, but not at the levels seen this year, according to a new report.

GasBuddy, which monitors gas prices around the country, released a report forecasting pricing trends for 2023. The big trend? Seasonal price adjustments, but (hopefully) without the volatility the market had this year.

The average nationwide gas price in 2023 will be $3.49, 50 cents cheaper than this year, the report, released Wednesday, said. But that will come with normal seasonal adjustments. Prices will likely climb as the winter wanes, and could reach $4 in the late spring.

“2023 is not going to be a cakewalk for motorists. It could be expensive,” said Patrick De Haan, head of petroleum analysis at GasBuddy. "The national average could breach $4 per gallon as early as May – and that’s something that could last through much of the summer driving season."

Prices could top out at $4.19 in June, GasBuddy said, and then come down from there. Currently, the average gas price is $3.225 in Nassau County and $3.187 in Suffolk, according to AAA.

In addition, GasBuddy predicts Americans will spend $55 billion less on gas in 2023 — down to $470.8 billion. The average household will spend $2,371 for the year on gasoline, down $277.

The forecast from GasBuddy is not set in stone, though. Russia's war in Ukraine and the state of the economy could still create high levels of uncertainty.

"Basically, curveballs are coming from every direction. Extreme amounts of volatility remain possible, but should become slightly more muted in the year ahead," De Haan said. "I don’t think we’ve ever seen such an amount of volatility as we saw this year, and that will be a trend that likely continues to lead to wider uncertainty over fuel prices going into 2023."