Here is Why Gas Prices in Eastern Iowa Will DROP in 2022
2021 was the year we'd all dreamed if not begged for in 2020. As it winds down, how do you feel it went? The world reopened. COVID... stuck around. There were likely pros and cons, ups and downs for you and your circle. So what does 2022 hold? Well, when it comes to one issue 2021 only saw get worse, there's hope in sight. I'm talking about the cost of gas, which should come down nicely in the New Year.
Prepare for relief at the pump! But how much will gas go down?
Planning to get a gas guzzler in 2022? Well, I can't promise you that fuel will be cheaper forever, but there's some hope for the upcoming year. A KWWL report that prices at the pump, which have been dropping nicely in recent weeks, will continue to drop in '22.
Currently, the national average is $3.34. In Iowa, it's less with Gas Buddy reporting the average Cedar Rapids price ranging between $2.70 and about $3.00 a gallon. In Waterloo, the average is about $2.99. The KWWL story cites the US Energy Information Administration which predicts the national average for gas will drop to $3.01 a gallon in January 2022. For the year as a whole, gas prices are expected to be an average of about $2.88.
Why gas prices are dropping
Gas prices are driven largely by the cost of oil. Oil reached $84 a barrel in October, dropped a bit to $81 in November, and is predicted to go all the way down to $70 in 2022. The reason gas has dropped so much in recent weeks is the Omicron COVID-19 variant was thought to be a massive threat, but recent reports of mild symptoms and even vaccination protection have quelled these concerns.
The main reason gas will drop in 2022, is the production of oil is predicted to outpace the demand for gasoline. This is sure to be good news for anyone who has been feeling pain at the pump since the start of the holiday season.