Posted 12/27/2023, 9:36:46 PM
Gas Prices Seen Dropping in 2024, Giving Americans Relief at the Pump
- Gas prices expected to fall to $3.38/gal average in 2024, down from $3.51/gal in 2023 and $3.95/gal in 2022
- Americans projected to spend $32 billion less on fuel in 2024 compared to 2023
- Drop attributed to record US oil production cushioning impact of geopolitical instability
- Lingering risks include hurricane damage, OPEC+ supply cuts, refinery outages
- Lower prices would aid inflation fight, consumer budgets, and Biden economic message