Drivers can expect to pay less at the pump in 2024.

Following two years of above-average prices, GasBuddy said the national average for a gallon of gas is likely to fall from its current price of $3.51 to $3.38 next year.

What You Need To Know

  • GasBuddy expects the national average for a gallon of gas to fall from its current price of $3.51 to $3.38 next year

  • The most expensive holiday for drivers in 2024 will be Memorial Day weekend, when prices are expected to be $3.56 per gallon

  • Over the course of 2024, U.S. consumers will spend about 2% less on gas compared with 2023 and 12% less compared with 2022

  • Falling prices are largely attributable to increased capacity at global refineries

“The global refining picture continues to improve, providing more capacity and peace of mind that record-setting prices will stay away from the pump in 2024,” GasBuddy petroleum analyst Patrick De Haan said in a statement accompanying the site’s annual Fuel Price Outlook Thursday. “I anticipate that we’ll still have some volatility, unexpected outages and disruptions and potentially weather-related issues, but I do not expect it to lead to record prices.”

De Haan said the national average could fall below $3 per gallon this winter before rising closer to $4 heading into the summer. He cautioned that West Coast cities could see prices spike above $6 per gallon, though the price hike will be brief.

Memorial Day is expected to be the most expensive holiday for drivers, with prices expected to be $3.56 per gallon over the three-day weekend.

Over the course of the year, U.S. consumers will spend about 2% less on gas in 2024 compared with 2023 and 12% less compared with 2022, according to the Fuel Price Outlook.