INDIANAPOLIS — The GasBuddy 2023 Fuel Outlook predicts gas will fall nearly 50 cents per gallon for the national average compared to 2022’s national average.

“I’m hopeful that we won’t see a record setting year in 2023,” said Patrick De Haan, GasBuddy’s head of petroleum analysis. “Having said that, gas prices are going to go up in the spring. They do every year as demand for gasoline starts to go up, and we start to transition to more expensive gasoline.”

The report forecasting 2023 gas prices predict a range for the national price of a gallon of gas by month. The chart shows the cheapest month as February 2023, when the national average is $2.99 per gallon, and June as likely the highest month at $3.99 per gallon.

“There will be some ups and downs during the course of the year,” De Haan said. “Gas prices tend to fall in the fall, they spring forward in the spring, and that’s what we’re expecting in the year ahead.”

De Haan cautions there are many factors at play when it comes to gas prices.

“Things like oil production, how much oil even Russia’s producing, sanctions on Russia, all of this really going into the mix, combined with the strength of the U.S. economy,” De Haan explained.

Experts warn a recession impacts the price of gas as it lowers demand.

“If the economy’s doing well, prices are usually higher because demand is higher,” De Haan said. “More Americans are spending on things, they’re getting out. Whereas in a recession, we generally see lower demand. Americans stay closer to home, consuming less gasoline.”

GasBuddy analysts expect the gap between gas and diesel prices will decrease, at least temporarily. If the economy strengthens and people are spending more, they say diesel’s cost will rise again.