Here’s how gas prices will behave in 2024, according to GasBuddy

The national average annual gasoline price is expected to fall this year from $3.51 per gallon in 2023 to $3.38. GasBuddy reported this in its annual fuel price survey.

This forecast predicts that after two years of above-average gasoline prices, 2024 will bring relief to consumers.

So gas prices could still fall below the national average ($3.00 per gallon) before potentially rising. However, as summer approaches, it could approach $4 per gallon.

Likewise, in some West Coast cities, drivers could see prices above $6 per gallon. However, in most major US cities, maximum prices in 2024 will be close to $4.00 per gallon.

Meanwhile, Americans are expected to spend a total of $446.9 billion on gasoline this year. While average annual spending per household will fall to approximately $2,407.00, down 2% from 2023.

What else does GasBuddy Outlook show?

The analysis also shows that in 2024, electric vehicles and the presidential election will directly impact fuel prices. This would be possible due to the slowdown in the transition to electric vehicles.

Additionally, Memorial Day will be the most expensive holiday of 2024 at the pump. The national average gas price is expected to rise from $3.56 to $4.04 per gallon.

It should also be noted that the global refining outlook continues to improve in terms of gasoline applications. Thus, the highest prices will be observed at the height of the summer driving season in May.

Diesel prices are expected to fall gradually through the end of 2023, peaking at $4.13 per gallon in March.