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.

“Our updated fundamental forecasts point to continued disappointments in supply, with demand instead supported by the still ongoing COVID reopening and gas-to-oil substitution,” Goldman said in the report.

“This requires demand destruction on top of the ongoing economic slowdown, requiring high retail fuel prices to end the market deficit.”

The uptick would reverse trends from the last six weeks, when prices at the pump began to fall for the first time following Russia’s invasion of Ukraine.