Gas Prices Likely to Increase in 2024 Due to Production Cuts, Inflation, Election Year Politics
• Gas prices expected to rise in 2024 to an average of $3.60 per gallon according to EIA forecasts, up from around $3.40 in late 2022
• Decrease in gasoline demand due to more remote work, fuel efficiency gains, high prices and inflation reducing per capita consumption
• OPEC cutting production in 2023-2024 while non-OPEC struggles to offset those cuts fully
• Election year politics may see oil producers manipulate output to influence gas prices
• Multiple factors point to higher crude oil prices in 2024, pushing up costs for consumers