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GasBuddy released its 2024 Fuel Price Outlook, which analyzed expected trends in gasoline and diesel prices for the year.
Key points include:
- National Average Price Drop: The yearly national average for gasoline is forecasted to decrease from $3.51 per gallon in the current year to $3.38 in 2024.
- Winter and Summer Price Fluctuations: Gas prices might fall below $3 per gallon during the winter but could rise close to $4 per gallon by summer.
- Regional Variations: Some West Coast cities may see prices briefly exceeding $6 per gallon, but most major U.S. cities are likely to experience peak prices near $4 per gallon in 2024.
- Total Expenditure on Gasoline: Americans are projected to spend about $446.9 billion on gasoline in 2024, with the average household spending estimated at $2,407. This represents a 2% decrease from 2023 and over a 12% reduction from 2022.
- Influence of EVs and Presidential Election: The transition to electric vehicles (EVs) and the 2024 presidential election could affect fuel prices.
- Memorial Day Prices: Gasoline prices are expected to be the highest during Memorial Day, with a national average between $3.56 and $4.04 per gallon.
- Global Refining and Production Trends: Improvements in global refining and a rise in U.S. oil production, which is at record levels, are anticipated to provide more stability and prevent record-setting prices.
- Summer Peak and Hurricane Season: The highest prices are predicted during the peak summer driving season in May, with a potential national average of $3.89 per gallon. Uncertainties may arise during the hurricane season in late summer.
- Diesel Prices: Diesel prices are also expected to decrease incrementally from 2023, with a peak at $4.13 per gallon in March 2024.
Overall, GasBuddy’s outlook suggests a general decline in fuel prices in 2024, with some seasonal fluctuations and regional differences. Factors like global refining capacity, oil production levels, and external events like the presidential election and EV market dynamics are identified as influencers of these trends.
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