Lower gas prices in 2023 &#8211; National average price of gas projected to see yearly decline in 2024 for second straight year

GasBuddy, a PDI company, has unveiled its annual Fuel Price Outlook, offering a positive forecast for drivers in 2024. The report reveals key trends in gasoline and diesel prices, signaling relief at the pump after two years of elevated gas prices. The outlook projects a drop in the yearly national average from $3.51 per gallon in the 2023 to $3.38 in 2024. Notable points from GasBuddy’s 2024 Fuel Outlook include:

• Gas prices may dip below a national average of $3 per gallon this winter, then rise as summer approaches, peaking close to $4 per gallon. Mild declines are expected into summer, with potential uncertainties arising during hurricane season in late summer.

• Most major U.S. cities are anticipated to experience peak prices at or slightly below $4 per gallon in 2024.

• Americans are projected to collectively spend $446.9 billion on gasoline in 2024, with average yearly household spending estimated at $2,407, reflecting a 2% decrease from 2023 and over 12% less than 2022.

• The impact of electric vehicles and the 2024 presidential election could influence fuel prices, with a potential slowdown in the electric vehicles transition.

• Memorial Day is expected to be the costliest 2024 holiday at the pump, with a national average gasoline price ranging from $3.56 to $4.04 per gallon.

“As 2023 fades away, I’m hopeful those $5 and $6 prices for gasoline and diesel will also fade into memory,” Patrick De Haan, Head of Petroleum Analysis for GasBuddy, said.

De Haan highlighted the improving global refining picture, increased capacity, and the expectation that record-setting prices will stay at bay in 2024. The report acknowledges potential volatility, unexpected outages, and disruptions, including weather-related issues, but rules out record prices. Offsetting OPEC+’s production cuts, the rise of U.S. oil production, currently at record levels, and combined with Canada, North American oil production could further stabilize countries that have opted to curb oil production.

The outlook foresees the highest prices at the peak of the summer driving season in May, with the national average potentially reaching $3.89 per gallon. Additional uncertainty is expected during the hurricane season in late summer, while diesel prices are predicted to gradually decline from 2023, peaking at $4.13 per gallon in March 2024.

Erin Hill - Gadsden County News Service

Lower gas prices in 2023 – National average price of gas projected to see yearly decline in 2024 for second straight year

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Lower gas prices in 2023 – National average price of gas projected to see yearly decline in 2024 for second straight year

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Florida State’s inevitable loss of the Orange Bowl – The Seminoles faced humiliation like gladiators and fought to the very end with dignity.

Riverchase Health and Rehabilitation Center Receives special visit from Santa and the Figgers Foundation

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