Tensions are running high in the Middle East, but GasBuddy is forecasting lower gas and diesel prices for 2024. In particular, they’re expecting the yearly national average price of a gallon of gasoline to drop from $3.51 to $3.38 next year.
The company expects Americans will spend a total of $446.9 billion on gasoline with the average household shelling out around $2,407. The latter figure would be a 2% drop from 2023.
GasBuddy suggests the national average price for a gallon of gasoline could drop below $3 this winter, before approaching $4 per gallon towards the start of summer. The highest prices are expected in May, when the national average could climb as high as $3.89 per gallon.
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More: National Average Price Of Gas Tops $5 Per Gallon For First Time In History
Prices will vary by location and the company suggests drivers on the West Coast could see prices of more than $6 per gallon – at least briefly. GasBuddy also expects Memorial Day, which falls on May 27, to be the most expensive holiday with a national average price of $3.56-$4.04 per gallon.
On the diesel side, prices are expected to “fall incrementally from 2023.” February is expected to be the most expensive month and the yearly average is expected to be $3.87 per gallon.
GasBuddy’s head of petroleum analysis, Patrick De Haan, said “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.”
In other news, GasBuddy said electric vehicles are helping to slowly reduce gasoline consumption. However, they see the “EV transition slowing in 2024 and potentially into 2025.”
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