Though prices at the pump recently have been highly unpredictable, Americans fortunately saw prices decline in 2023 after skyrocketing to over $5 per gallon on average the year prior. And more good news is on the horizon for drivers. The outlook for gas and diesel prices in 2024 is positive, with prices expected to remain much more stable, and drop to below $3.50 per gallon on average.
According to GasBuddy’s 2024 fuel outlook, released earlier this year, average gas prices next year could fall within the range of $3 to $3.50 per gallon for most of the country, with the national average projected to reach $3.38 per gallon. That represents a potential 4% drop from 2023’s average, barring any major supply disruptions or economic shocks. Take a look at the projected range of prices in major U.S. cities.
However, forecasts are not guarantees. Numerous factors shape gas prices, including crude oil costs, refinery operations, politics, regulations, weather events and more. Savvy drivers should expect continued volatility at the pump and shop around for the best fuel prices in their area.
GasBuddy provides resources to help consumers navigate the fluid pricing environment, and never overpay for gas. With these tools and price-consciousness, drivers can blunt the impact of gas price swings on their budget. The road ahead shows potential for lower gas prices, but prices are far from settled. Drivers will need flexibility and support if they hope to find affordable fuel over the next year.
Copyright 2024 GasBuddy LLC. All rights reserved. From https://www.gasbuddy.com. By GasBuddy.