DALLAS — GasBuddy is prepping for the new year with its annual Fuel Price Outlook. For 2024, they are forecasting that drivers will see relief at the pump.
After two years of above average gas prices across the nation, GasBuddy expects the yearly annual average will drop from $3.51 per gallon, to $3.38 per gallon in 2024.
Patrick De Haan, the head of petroleum analysis for GasBuddy, said he is "hopeful" $5 and $6 prices at the pump for gasoline and diesel will "also fade into memory."
"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," De Haan said. "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."
Some highlights from GasBuddy's annual fuel outlook, released Thursday:
- Gas prices have potential to fall below the national average of $3 per gallon this winter, with a possible rise in late-February. As summer approaches, $4 per gallon may be seen.
- Some Californian cities could see prices above $6 per gallon if refinery issues develop during the summer. Most major U.S. cities will see prices peak or slightly below $4 per gallon in 2024.
- Americans are expected to spend a combined $446.9 billion on gasoline in 2024.
- Electric vehicles, or EVs, and the 2024 presidential election has potential to impact fuel prices, with a possible slowdown of the EV transition.
- Memorial Day will be the priciest 2024 holiday at the pump. The national average price of gas is expected to be $3.56-$4.04 on the holiday.
To read the fuel report from GasBuddy, visit the link here.
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