Drivers can expect to see even lower gas prices in 2024.
GasBuddy released its 2024 outlook on Thursday, which predicts the national average for the price of regular unleaded gasoline will fall from $3.51 a gallon to $3.38 next 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, there may be some bumps in the road for drivers in 2024 as GasBuddy predicts fuel prices will increase as the summer approaches. That's when the national average is expected to rise to about $4 — with drivers in some cities on the West Coast paying $6 per gallon.
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GasBuddy says some variables could cause volatility, including weather-related issues, unexpected outages and the presidential election. However, the company says the U.S. is in a good position to avoid record prices.
GasBuddy notes that the U.S. is now producing oil at record levels, offsetting cuts by OPEC+.
"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.
If GasBuddy's prediction holds, the company says drivers would spend about $2,400 less in gas next year than they did in 2023.
