Car owners and drivers, rejoice! This coming 2024, U.S. drivers may anticipate significantly lower gas prices.
In its 2024 projection, published on Thursday, GasBuddy projects that the national average price of normal unleaded gasoline will drop to $3.38 per gallon from $3.51 in the current year.
“As 2023 fades away, I’m hopeful those $5 and $6 prices for gasoline and diesel will also fade into memory,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
However, GasBuddy forecasts that as summer comes, fuel costs will rise, meaning there might be some difficulties ahead for drivers in 2024. At that point, it will likely occur that the national average will increase to roughly $4, with several West Coast towns charging $6 per gallon for gasoline.
According to GasBuddy, a few factors, such as weather-related problems, unforeseen outages, and the presidential election, might lead to volatility.
The United States, according to the business, is well-positioned to avoid record prices. Right now, the U.S. is currently pumping oil at historic levels, offsetting OPEC+ production reductions.
“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,” De Haan said.
According to GasBuddy, drivers would save almost $2,400 on gas in 2023 compared to next year if their estimate comes true.