Gasoline prices are set to rise back to roughly $4.35 per gallon by the end of the year, Goldman Sachs analysts said in a report.
Prices will continue to climb next year as well, rising to an average of $4.40 in 2023, according to the report.Goldman cited supply shortages and sustained high demand as the primary drivers of the price.
"This requires demand destruction on top of the ongoing economic slowdown, requiring high retail fuel prices to end the market deficit." In June, gas prices reached an all-time high of more than $5 a gallon, due to the stark imbalance between supply and demand.
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