Fredericksburg Leader

2022 GAS PRICES: A YEAR IN REVIEW

JANUARY – FEBRUARY 

Beginning at around $3.25/gal in early January, gas prices quickly began to rise, exacerbated by Russia’s invasion of Ukraine in late February. Geopolitical events have the potential to put pressure on crude oil prices, which make up about 50% of the price of gas you pay at the pump. This was only the beginning of the price spikes to come.  

MARCH 

Many new gas price records were set in March 2022. Gas prices began to rise more substantially, and on March 3, San Francisco became the first major U.S. city to reach a $5 per gallon average. Just two days later, on March 5, the national average price of gasoline hit $4 per gallon, and saw a new record single-day spike, rising over 60¢ per gallon in just one day. On March 7, the national average price of gas surpassed the previously recorded all-time high, averaging over $4.11 cents per gallon. Prices continued to rise throughout the month, and by the 22nd, Los Angeles became the first major U.S. city to reach a $6 per gallon average gas price.  

APRIL – MAY 

In April, gas prices across the U.S. continued to rise, though it was diesel prices that took the spotlight. On April 29, diesel prices reached a new all-time high of $5.16 per gallon. And after dipping slightly at the beginning of May, gas prices began to rise again in time for the busiest travel event of the summer: Memorial Day weekend. On May 10, gas prices rose above their previous record, setting a new all-time high of $4.36 per gallon. Then, on May 17, the Canadian national average followed suit, surpassing $2 per liter for the first time in history.  

JUNE 

The tumultuous year that was 2022 culminated in June, with the national average price of gas reaching $5 per gallon for the first time ever recorded on June 9. Many states at this time saw averages sitting in the $4 range, and California saw average prices near the $7 per gallon mark.  

JULY 

Independence Day drivers were in for a holiday of fireworks at the pump. Though prices dipped slightly from their June peak, 2022’s Fourth of July had the highest gas prices ever recorded on that day. At this point in the summer, demand for gasoline began to waver, as many chose to postpone or cancel their travel plans to avoid paying high prices.  

AUGUST – SEPTEMBER 

Some much-needed relief finally arrived in August. On August 9, the national average fell below $4 per gallon for the first time since March. In September, after a quiet start to hurricane season, Hurricane Ian threatened Florida and oil refineries, many of which lie on the Gulf Coast. GasBuddy activated its Fuel Availability Tracker to help Floridians find fuel and power.

OCTOBER – NOVEMBER 

As temperatures dropped, gas prices also began to fall more substantially in November. On November 17, Texas became the first U.S. state to have average gas prices fall back under $3 per gallon for the first time. Nevertheless, drivers still faced the highest Thanksgiving gas prices on record.  

DECEMBER 

 After months of price highs and lows, Christmas came yearly and the year closed on a positive note for many drivers, with over half of U.S. states seeing a $3 per gallon or lower average gas price by the end of the month. The national average dropped below its year-ago level on December 9, and at last fell back below $3 per gallon on December 23.  —

 What’s in store for 2023?

  While 2022 has proven that anything is possible when it comes to gas prices, GasBuddy is committed to keeping you informed and helping you pay the least amount possible to fill up your tank. Stay tuned for our 2023 forecast, coming very soon. In the meantime, make sure to download the free GasBuddy app and sign up for the Pay with GasBuddy fuel card to start 2023 by saving up to 25 cents per gallon.  

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