Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

Published: May 30, 2023 4 min read
Photo of a woman pumping gas
Money; Getty Images

Almost a year ago, gas prices reached a record high over $5 per gallon. While prices could very well rise in the months ahead, experts say the national average isn't likely to pass $4 this summer.

The average gallon of gas in the U.S. now costs $3.55, which is 2.7 cents more than a week ago, according to GasBuddy. The price comparison app forecasts in a new report that the national average will hover between $3.35 and $3.85 during the warm months.

That means the average cost for gas could rise by about 30 cents per gallon, but prices are not expected to shoot up in the near term, nor should they come anywhere near the record highs of last summer.

“Gasoline prices have drifted higher in the last week due to some relatively minor refinery kinks and low gasoline supply, but it may not be a trend that lasts too much longer,” said Patrick De Haan, GasBuddy’s head of petroleum analysis.

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
If you're struggling to make ends meet, a Personal Loan can help.
Are you less than prepared for extraordinary events? If you need funds to cover unexpected costs, a Personal Loan is a solution. Click on your state to learn more.
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas
Get Started

What experts say

Increased demand for gas around the holiday may have caused prices to rise last week, according to Andrew Gross, a spokesperson for the auto club AAA. But he said in a recent report that prices “could stabilize or fall once this long weekend is in the rearview mirror.”

  • However, later in the summer, gas could get more expensive if oil prices rise. That’s a possibility if Congress passes a debt ceiling deal, or if a recession starts to appear less likely, according to GasBuddy. The idea is that positive economic news this like would signal higher oil demand, potentially leading to higher oil and gas prices.
  • Other hypotheticals like gasoline demand being higher than expected this summer or weather events impacting refineries could lead to higher prices.
  • Crude oil, which accounts for 51% of what you pay for a gallon of gas, was trading just below $70 per barrel on Tuesday, down about $6 in the past month, according to the West Texas Intermediate measure.

Where gas prices are highest (and lowest)

Gas prices are more than $1 lower than they were at the same time last year when the national average was $4.60 and on a rise toward a record high just above $5 in June.

While gas prices have only been this high a few times in the past decade, today’s costs may feel less shocking to drivers who’ve been paying high prices for more than a year at this point going back to Russia’s invasion of Ukraine in early 2022.

As always, what you pay for gas depends a lot on where you’re filling up. State-to-state differences in gas taxes and fees are among the reasons that prices tend to vary widely.

The average price of gas is currently below $3 in just one state, Mississippi, while the highest 10% of stations in the U.S. have an average price of $4.73 per gallon, according to GasBuddy.

  • The most expensive states for gas right now are California ($4.77), Hawaii ($4.71), Washington ($4.60), Arizona ($4.47) and Nevada ($4.21).
  • The five cheapest states are Mississippi ($2.96), Louisiana ($3.09), Texas ($3.09), Arkansas ($3.12) and Alabama ($3.14).

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
Personal Loans can help you in your time of need
A Personal Loan from Credible can help you mitigate losses and get back on track. Click here to explore your options!
View Rates

More from Money:

7 Best Car Loan Rates of 2023

How to Save Money on Gas

EV or Hybrid? Car Buyers Have a Clear Favorite