“2023 is not going to be a cakewalk for motorists. It could be expensive… Basically, curveballs are coming from every direction. Extreme amounts of volatility remain possible”— Patrick De Haan, head of petroleum analysis at GasBuddy
Volatility is largely due to the decline of refining capacity in the US, rising demand after Covid lockdowns and the impact of Russia’s invasion of Ukraine.
Check out our analysis on why diesel prices are so high and the impact on the global economy.