Consumers can expect lower gasoline and diesel prices in 2024 for the second year in a row, according to GasBuddy, a PDI company, and its annual Fuel Price Outlook report.
GasBuddy expects the yearly national average will drop from $3.51 per gallon this year to $3.38 in 2024.
“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,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
De Haan notes that some volatility should be expected due to “unexpected outages and disruptions, and potentially weather-related issues.” The analysis also warned EVs and the coming presidential election could have the potential to impact fuel prices in the year ahead, with a possible slowdown in the EV transition at stake.
Here’s more of what GasBuddy predicts:
- Gas prices still could fall below a national average of $3 per gallon this winter before potentially rising, getting close to $4 per gallon as summer approaches.
- Drivers in some West Coast cities could again briefly see prices above $6 per gallon, although most major U.S. cities will see prices peak near $4 per gallon in 2024.
- Memorial Day will be the priciest 2024 holiday at the pump, with the national average price of gasoline expected to be $3.56-$4.04 per gallon on the holiday.
- Diesel prices are also expected to fall incrementally from 2023, peaking at $4.13 per gallon in March 2024.
In 2023, “Does the President Control Gas Prices” was the top blog post for NACS Convenience Corner. Check out the Top 5 blog posts of 2023.