Gas Prices Will Fall In 2024, With Americans Spending $32 Billion Less On Fuel

Gas prices will fall in 2024 for the second year in a row, according to GasBuddy projections shared exclusively with CNN, Matt Egan reported for CNN.

US gas prices are expected to average $3.38 a gallon in the key election year of 2024.

GasBuddy, which had a forecast for 2023 that proved to be eerily accurate, expects US gas prices to average $3.38 a gallon in the key election year of 2024. That would represent a significant improvement from 2023’s average of $3.51 a gallon and an even bigger drop from 2022’s average of $3.95.

Gas prices skyrocketed to record highs that year as Russia’s invasion of Ukraine set off global shockwaves.

Even though the Russia-Ukraine war lingers and there is a risk the Israel-Hamas war spills into a regional conflict, GasBuddy is betting drivers will get more relief in 2024. GasBuddy expects Americans will spend about $32 billion less on fuel than in 2023 and $79 billion less than in 2022.

“Next year should represent a continued march towards what most Americans would consider normal prices at the pump,” Patrick De Haan, GasBuddy’s head of petroleum analysis, told CNN in a phone interview.

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