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Gas Prices Forecast: Lowest prices in February, highest in May

GasBuddy has released it's annual gas prices forecast and has some not so good news.

GRAND RAPIDS, Mich. — GasBuddy has released the 2020 gas prices forecast and says that there may be some good news at the pump for some Americans, but not all of us. 

According to the forecast, the national average gas price in 2020 will be lower than in 2019, but a robust economy could mean that some households increase consumption and drive up their fuel bill. 

2020 will feature a yearly national average of $2.60 per gallon, representing a 2 cent drop versus 2019, but warns that the national average will rise as much as 75 cents per gallon from a low in February until an eventual peak in May, leading to localized gas price hotspots that could lead unsuspecting motorists to pay as much as 15-50 cents more per gallon than competitors.

Some highlights from GasBuddy’s 2020 Fuel Price Outlook include:

  • The nation’s yearly gasoline bill will rise to $373 billion dollars, an increase of over $1 billion from last year as the average household sees their annual gasoline spending rise to $1,935.
  • The national average is forecast to rise as much as 75 cents per gallon from a low in early February to a possible peak in May, as the seasonal switch to summer gasoline leads to notable jumps and causes some stations to raise prices much quicker than others, leading to buying opportunities for motorists who compare prices.
  • 75% of the country’s largest metro areas are at risk for seeing average prices hit $3 per gallon at some point in 2020, including Atlanta, Boston, Chicago, Cleveland, Detroit, Miami, New York City, Philadelphia, Phoenix, and Washington, D.C. while four could see close to or over $4/gal: Los Angeles, Sacramento, San Francisco, and Seattle.

Find the full report here.

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