After a year of surging gas prices, the new year may finally bring some relief for Americans. The U.S. Energy and Information Administration (EIA) is projecting a modest decrease in the average gas price for 2022, based on increased crude oil production.
Of course, it could be argued that gas prices have almost nowhere to go but down, after the steep runup in the past year. Pump prices have reached their highest level in seven years, up 58% since November 2020. President Biden finally acknowledged the issue by releasing three days' worth of oil from the Strategic Petroleum Reserves, to minimal impact.
Patrick De Haan, petroleum analyst with GasBuddy, also predicts a modest price decrease in the months ahead. "OPEC is continuing to increase oil production...so I think for Texans, prices may flirt at or just below three dollars per gallon, but through 2022 I think prices may cool off throughout the year," he tells KTRH.
That brings us to the poll question today.