What are gas price predictions for 2024?
LEXINGTON, Ky. (WTVQ) — As 2023 comes to a close, GasBuddy is sharing its predictions for gas and diesel prices in 2024.
The good news: drivers can expect lower prices for the next year after two years of above-average prices, based on forecasting from key trending data.
“As 2023 fades away, I’m hopeful those $5 and $6 prices for gasoline and diesel will also fade into memory,” said Patrick De Haan, head of petroleum analysis for GasBuddy, in a press release. “The global refining picture continues to improve, providing more capacity and peace of mind that record-setting prices will stay away from the pump in 2024. I anticipate that we’ll still have some volatility, unexpected outages and disruptions, and potentially weather-related issues, but I do not expect it to lead to record prices. Offsetting OPEC+’s production cuts is contributing to the rise of U.S. oil production, which now stands at record levels. Combined with Canada, North American oil production could further stabilize countries that have decided to curb oil production.”
Here are some highlights from GasBuddy’s 2024 Fuel Outlook:
- Gas prices could fall below a national average of $3 per gallon this winter before starting to rise in late February, getting close to $4 a gallon as summer approaches, then mildly declining into summer
- Hurricane season will present uncertainty in late summer
- Most major U.S. cities will see prices peak at or slightly below $4 per gallon in 2024
- Americans are expected to spend a combined $446.9 billion on gasoline in 2024
- Electric vehicles and the 2024 presidential election have the potential to impact fuel prices in 2024
- Memorial Day will be the priciest holiday at the pump, with the national average price of gasoline expected to be $3.56 to $4.04 per gallon on the holiday
GasBuddy is a technology company that tracks crowd-sourced locations and prices of gas stations and convenience stores in the U.S. and Canada.
