Gas pump prices to drop in 2024
The TXB in Cottonwood Shores has the cheapest gas in the Marble Falls area, according to GasBuddy.com and this reporter, who drove out to check. Most gas pumps are selling regular gas at $2.45 per gallon. TXB has it for $2.43. Staff photo by Suzanne Freeman
Gas prices are expected to drop nationwide in 2024, according to the annual Fuel Price Outlook produced by GasBuddy, a Boston-based PDI Technologies company that tracks gas prices and trends.
After two years of above-average prices, gas is expected to fall from a nationwide average of $3.51 per gallon to $3.38 per gallon in 2024. Currently, in the Highland Lakes, gas prices are around $2.45 a gallon.
Americans are expected to spend a combined $446.9 billion on gasoline in 2024, a 2 percent decrease from 2023 and a 12 percent decrease from 2022.
“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,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Offsetting OPEC+’s production cuts is contributing to the rise of U.S. oil production, which now stands at record levels. Combined with Canada, North American oil production could further stabilize countries that have decided to curb oil production.”
The Organization of the Petroleum Exporting Countries was formed in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela. Thirteen other countries joined it soon after. In 2016, it became OPEC+, adding 10 oil-producing countries, including Russia, the world’s third-largest producer at 13 percent. The United States is the largest oil producer at 14.7 percent, with Saudi Arabia coming in at second with 13.2 percent, according to 2022 numbers. The group meets regularly to set oil production targets and coordinate output to manage global oil prices.
The highest 2024 prices in the U.S. will be seen at the peak of the summer driving season in May, says GasBuddy, with the average expected to increase to $3.89 per gallon. Some uncertainty is expected during hurricane season in late summer.