Gas Prices Fall For 70 Days

What’s New?

Gas prices have fallen for 70 days consecutively. This is the second longest decline in gas prices since January 2015, falling for 117 days.

According to AAA, gas prices are averaging about $3.892 per gallon after reaching a record high of $5.016 per gallon in June.

Diesel Gas 2023 Predictions

The EIA is forecasting global liquid fuel consumption will grow by 2.2 million barrels per day in 2022 and 2.0 million barrels per day in 2023.

US crude oil production is an average of 11.9 million b/d in 2022 and 12.8 million b/d in 2023, which would set a record for most U.S. crude oil production in a year. The current record is 12.3 million b/d, established in 2019.

US regular gasoline retail prices averaged $4.11 per gallon (gal) in the first half of 2022 (1H22), up from $2.78/gal in 1H21. The EIA forecasts gasoline prices will average $4.05/gal in 2022 and $3.57/gal in 2023. US diesel prices averaged $4.91/gal in 1H22, up from $3.06/gal in 1H21. They also forecast diesel prices will average $4.73/gal in 2022 and $4.07/gal in 2023.

Diesel Gas August Predictions

According to EIA, based on their Short-Term Energy Outlook April 12 update, EIA is predicting retail diesel fuel will average $4.57 per gallon.

They further calculate the average U.S. household will spend about $2,945 on gasoline in 2022, which is $455 (18%) more than in 2021. 

Conclusion

The decline in prices is predicted to continue, but as we all know, predictions are not always accurate. Given the prediction by EIA, we can expect these prices to continue to drop, forecasting an average of $4.07 per gallon in 2023. For more updates like this one, subscribe to Go Capital for continuous updates.

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