Predicting Gas Prices In 2022: Factors, Trends, And Insights

In 2022, the cost of gasoline in the United States saw a significant increase, with customers paying an average of $3.95 per gallon. This marked a substantial uptick of approximately 31.23% compared to the previous year, when the average price was $3.01 per gallon. As of May 4, 2023, this information provides insight into the recent trends in gas prices.

In 2022, the anticipated gas prices in the United Kingdom are projected to reach 2.62 British pounds per therm, showing a significant rise from the previous year (2021/22). Although these prices are expected to stay relatively high, there is an outlook for a slight decrease in levels by the fiscal year 2023/24, as of March 31, 2023. It is important to note that various factors such as global market trends and domestic policies may influence these projections.

What can we anticipate regarding the future price of gas in the UK? According to insights from Trading Economics, a reputable source utilizing global macro models and analyst predictions, it is projected that UK Natural Gas will likely be trading at approximately 101.91 GBp/Thm by the conclusion of the current quarter. Looking ahead over the next year, it is estimated that this benchmark price for UK Natural Gas Futures may rise to around 137.68. It’s important to note that UK Natural Gas Futures serves as a significant national benchmark for tracking gas prices in the United Kingdom. These forecasts provide valuable insights into the potential fluctuations in gas prices in the UK.