GasBuddy predicts prices at pump will continue their fall in 2024
WILMINGTON, NC (WWAY) — The national average price of gas is projected to see a yearly decline in 2024 for second straight year, according to GasBuddy.
The company released its annual Fuel Price Outlook Thursday with some good news for drivers, forecasting that, after two years of above average gas prices, 2024 will bring relief at the pump for consumers as several factors contribute to less of a pinch at the pump.
GasBuddy expects the yearly national average will drop from $3.51 per gallon this year to $3.38 in 2024.They predict gas prices still could fall below a national average of $3 per gallon this winter before starting to rise in late-February, getting close to $4 per gallon as summer approaches, then mildly declining into summer, with hurricane season presenting uncertainty in late summer.
Memorial Day will be the priciest 2024 holiday at the pump, GasBuddy predicts, with the national average price of gasoline expected to be $3.56-$4.04 per gallon on the holiday.“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. “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.”
