U.S. drivers are expected to pay 2% less for gasoline next year, according to GasBuddy's 2024 Fuel Outlook report published on Friday.
The average price for a gallon of regular gasoline in the United States could still fall below $3 per gallon this winter, according to GasBuddy, before rising in late February, eventually creeping towards $4 per gallon as we head into the summer months.
U.S. drivers could spend $446.9 billion on gasoline next year, with average spending falling to $2,407 for the year-that would be down 2% from 2023, and 12% below what drivers paid in 2022. GasBuddy predicts that the highest holiday retail fuel prices next year will be seen on Memorial Day, falling in the range of $3.56-$4.04 per gallon, with May delivering the highest national average for gasoline prices at $3.89 per gallon.
As for diesel prices, GasBuddy sees them falling incrementally from 2023 and peaking at $4.13 per gallon in March 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. 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. 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," GasBuddy's head of petroleum analysis, Patrick De Haan, said.
The average price for a gallon of regular gasoline is $3.121 as of Friday, according to AAA, compared to $3.133 per gallon this same time last year.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More