Goldman Sachs: Gas Prices to Rise Back to $4.35 a Gallon

Gas prices are displayed at an Exxon gas station in San Francisco, Calif., on July 5, 2022. Justin Sullivan/Getty Images

Despite gas prices having dropped about 70 cents on average over the past month, investment bank Goldman Sachs predicted prices will soon rise again.

Gasoline prices will likely rise to roughly $4.35 per gallon by the end of 2022, Goldman Sachs analysts said in a report. Goldman analysts also predicted a price increase in 2023, rising to above $4.40 on average, according to the report, which was released on Sunday.