The national average price for a gallon of regular gasoline is expected to creep up in the coming months as consumers head off on their summer vacations.
Patrick De Haan, head of petroleum analysis for GasBuddy, issued an outlook in March of what prices might look like over the summer. The national average for a regular gallon of gasoline, according to his estimates, will hover between $4.18 and $4.25. De Haan told FOX Business Thursday there are still “high levels of uncertainty” regarding prices due to the war in Ukraine, surging coronavirus cases and resulting lockdown measures in China.
However, he tweeted that he is still fairly confident about those projections.
Here is the month-by-month outlook for the national average price for a gallon of regular gasoline this summer:
- June: $4.21
- July: $4.18
- August: $4.23
The national average price for a gallon of regular gasoline rose slightly Thursday to $4.14, according to data from AAA.
U.S. motorists have already been feeling pain at the pump in recent months.
Still, 42% of consumers admitted that rising gas prices wouldn’t alter their summer travel plans, according to a recent AAA survey.
In fact, AAA’s recent Memorial Day report highlighted how Americans are already booking trips. Reservations for the holiday — including flights, rental cars, cruises and hotels — are already up 122% over last year, according to AAA data.
“We saw a notable increase in our travel bookings in early spring, which is a strong indication of what to expect for summer,” said Paula Twidale, AAA Travel senior vice president. Even with surging inflation and higher gas prices, “people want to travel, and we believe they will find ways to do so without breaking their budget,” Twidale added.