GasBuddy Predicts Lower Gas, Diesel Prices In 2024

DALLAS – GasBuddy’s annual Fuel Price Outlook predicts the cost of gasoline and diesel fuel will be lower in 2024. It projects the per-gallon cost of gas will fall to $3.38 from $3.51 in 2023, which would end two years of above average prices.

Relief at the pump will be due to several factors, according to GasBuddy, a fuel savings platform aimed at consumers.

In its announcement Thursday, GasBuddy said gas prices could fall below a national average of $3 per gallon this winter before potentially rising to near $4 per gallon as a summer approaches.

“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.”

De Haan added, “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.”

The Memorial Day weekend is projected to be the priciest holiday. GasBuddy said diesel prices are expected to fall incrementally from 2023, peaking at $4.13 per gallon in March 2024.

(RIDE-CT photos taken Dec. 29, 2023 in Torrington, CT.)

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