Analysts predict rising gas prices

Analysts expect U.S. gasoline prices to rise in 2020, saying they could reach around $4 per gallon in late spring, presenting a major political problem for President Biden.

Tom Kloza, global head of energy analysis at the Oil Price Information Service, told The Hill that there’s a “good chance” prices will be “close" to 2008 highs, when prices were above $4 per gallon.

“Notwithstanding another variant…we’re going to see excessively high prices in 2022,” said Kloza. “It’s going to run up, I’d say, between Presidents’ Day and Cinco de Mayo.”

He attributed the potential increase to reduced refining capacity leading to less gasoline supply. 

Meanwhile, Patrick De Haan, head of petroleum analysis at fuel price app GasBuddy, predicted a similar rise, telling CNN that it's possible the country’s average price “flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon.”