2024 Gas Forecast: Lower, Cheaper Prices Ahead

GasBuddy's 2024 fuel outlook predicts the national average price of gasoline will bring relief at the pump for motorists.

Head of petroleum analysis, Patrick DeHaan, says that as 2023 fades away he's hopeful those $5 and $6 prices for gas and diesel will, too.

"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.”

The national average gallon of gas could cost below $3 this winter, then rise and fall with the summer. California excluded, most states will peak at around $4 a gallon.

Americans are expected to spend a combined $446.9 billion on gas in 2024. Average yearly spending per household will fall to about $2,407 if GasBuddy is correct.

It's an election year, so that will certainly have unknown impacts on prices ahead.