National Gas Prices Projected To See Yearly Decline In 2024

This holiday season, it was nice that we got to fill up for less at the gas pump, even though New York State is the 9th highest in the nation for gas prices. Pennsylvania comes in at 7th out of 50 states.

Nationally, on December 29, 2023, the average gasoline price was $3.12, which is about 12 cents cheaper per gallon than it was one month ago, and about 4 cents cheaper than a year ago according to AAA Gas Prices.

The New York State average on December 29th was $3.37 according to AAA Gas Prices. One year ago, it was $3.40. Not much of a savings, but certainly much less than a month ago when it was $3.56 for regular gas.

That number differs in the Binghamton area, with an average of $3.45 on December 29th. One month ago, regular gas was $3.66; a year ago, it was $3.43 according to AAA Gas Prices.

On December 21st, 2023, AAA Gas Prices noted that gas prices increased about 6 cents per gallon on December 18th, the first increase since September.

According to a recent release from Gas Buddy, the prediction is for a yearly decline in the national average price of gas for the second year in a row. That would be welcome news.

On December 28th, 2023, Gas Buddy released its annual Fuel Price Outlook, with the expectation of lower gasoline and diesel prices in 2024 with the national average dropping from $3.51 per gallon in 2023 to $3.38 in 2024. 

The Gas Buddy outlook notes that gas prices nationally could fall below 3 dollars per gallon over the winter, but possibly rise close to 4 dollars as we get closer to summer.

The Memorial Day holiday could be the most gas-expensive time in 2024 with an average of between $3.56 to $4.04 per gallon nationally. Of course, New York State and the Commonwealth of Pennsylvania are normally higher than the national average.

But as you know, anything can and will change, especially during the hurricane season, and any other factors that play into the rise and fall of gasoline prices.

Let's just hope for the best.