GasBuddy experts predict a welcome decrease in gas prices for drivers in 2024, contrasting with the record-high prices experienced in the past two years. According to GasBuddy’s 2024 fuel outlook, the overall cost of gasoline is expected to drop, offering slight relief to consumers. Patrick De Haan from GasBuddy explains that several factors, including diminishing impacts of COVID and the Russia-Ukraine war, as well as Federal Reserve policies, are contributing to the lowered prices.
The decline is partly attributed to record-high U.S. oil production and a potential easing of global tensions. De Haan points out that an end to the war in Ukraine, with Russia being a significant oil producer, could bring additional relief. However, he also cautions about unpredictable elements like the situation in the Middle East, which could affect prices adversely.
Gas prices are typically seasonal, reaching their lowest in winter, rising in spring, peaking in summer, and decreasing in fall. De Haan reassures that there’s no expectation for prices to increase ahead of the election, following the usual trend of reduced driving and cooler temperatures in the fall. This forecast suggests a somewhat lighter burden on motorists throughout 2024, despite potential fluctuations.
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