Experts Optimistic for Stable Gas Prices in 2024, Potential Relief at the Pump

According to fuel cost analysts, gas prices may return to “normal” in 2024. The epidemic caused a dramatic dip in 2020, recovery in 2021, then increases in 2022 owing to the Ukraine invasion and inflation. 2023 has been more reliable, with prices starting around $3.20 per gallon, rising to $3.75, and falling down to $3 by December.

Average Gas Prices [Photo: MARCA]

Winter Lows, Steady Rise, and Potential for Lower Overall Costs

Winter gas costs are lowest, then rise in spring and summer. Prices fell in winter and rose in summer in 2023. This pattern is expected to continue in 2024, with prices starting lower and continuing more steady.

A well-supplied market, the customary reduction in travel at the start of the year, and reduced winter refining costs might mean stability. Some forecasts foresee significantly lower prices in 2024, following a more usual yearly cycle.

Fuel prices may be affected by geopolitical tensions, notably the Israel-Hamas war, notwithstanding this optimism. These wars might disturb stability if they include oil-rich nations.

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Cautious Optimism Amidst Global Tensions and Seasonal Shifts

After time has lessened the immediate impact of the Russia-Ukraine war, gas prices are not likely to rise much in 2024. A mild winter may keep prices steady, while a colder winter may drop January costs. The lowest fuel prices are usually between mid-December and mid-February.

As of December 14, the average pump price was $3.10, with the lowest prices of the year expected in the coming weeks. In 2023, analysts like Toma Kloza expect the average gasoline price to be $3.52 per gallon, with a modest decline in 2024. Experts are cautiously optimistic that 2024 will be better for gas station shoppers. Investigation Discovery’s “Seduced to Slay” program on December 18, 2023, at 10 p.m. will provide further details.

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