Vermont Business Magazine Gasbuddy is projecting that national average gasoline prices are expected to decline in 2024, after a long slow decline already this past fall.
Meanwhile, average gasoline prices in Vermont are $3.29 per gallon, down 3 cents per gallon from last week. Vermont gas prices are down 15 cents/g from last month and down 7 cents/g from the same time last year. The lowest price in the state yesterday was $2.89/g in Brattleboro and Rutland while the highest was $4.00/g in Killington.
Average gasoline prices in Burlington have risen 1.4 cents per gallon in the last week, averaging $3.38/g today, according to GasBuddy's survey of 100 stations in Burlington. Prices in Burlington are 6.9 cents per gallon lower than a month ago and stand 0.8 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Burlington was priced at $3.27/g yesterday while the most expensive was $3.39/g, a difference of 12.0 cents per gallon.
The national average price of gasoline is unchanged in the last week, averaging $3.11/g today. The national average is down 12 cents per gallon from a month ago and is 2 cents lower from a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
The national average price of diesel has risen 0.6 cents in the last week and stands at $4.00 per gallon.
| Vermont | USA | Trend | |
|---|---|---|---|
| Today | 3.299 | 3.114 |  |
| Yesterday | 3.303 | 3.120 | |
| One Week Ago | 3.320 | 3.118 | |
| One Month Ago | 3.441 | 3.233 | |
| One Year Ago | 3.362 | 3.134 | |
| * Average Regular Gas Prices - Updated: 12.28.2023. 11:35 AM | |||
Historical gasoline prices in Burlington and the national average going back ten years:
December 26, 2022: $3.39/g (U.S. Average: $3.06/g)
December 26, 2021: $3.35/g (U.S. Average: $3.25/g)
December 26, 2020: $2.26/g (U.S. Average: $2.25/g)
December 26, 2019: $2.69/g (U.S. Average: $2.54/g)
December 26, 2018: $2.60/g (U.S. Average: $2.30/g)
December 26, 2017: $2.48/g (U.S. Average: $2.44/g)
December 26, 2016: $2.34/g (U.S. Average: $2.28/g)
December 26, 2015: $2.17/g (U.S. Average: $2.00/g)
December 26, 2014: $2.87/g (U.S. Average: $2.30/g)
December 26, 2013: $3.53/g (U.S. Average: $3.26/g)
Neighboring areas and their current gas prices:
Albany- $3.30/g, down 3.5 cents per gallon from last week's $3.33/g.
New Hampshire- $3.12/g, down 0.7 cents per gallon from last week's $3.12/g.
National average price of gas projected to see yearly decline in 2024 for second straight year
GasBuddy, a PDI company, today released its annual Fuel Price Outlook with some good news for drivers: expect lower gasoline and diesel prices in 2024. The outlook highlights key trends in gasoline and diesel prices, forecasting that, after two years of above average gas prices, 2024 will bring relief at the pump for consumers as several factors contribute to less of a pinch at the pump. GasBuddy expects the yearly national average will drop from $3.51 per gallon this year to $3.38 in 2024.
Highlights from GasBuddy’s 2024 Fuel Outlook:
• Gas prices still could fall below a national average of $3 per gallon this winter before starting to rise in late-February, getting close to $4 per gallon as summer approaches, then mildly declining into summer, with hurricane season presenting uncertainty in late summer.
• Drivers in some California cities could again briefly see prices above $6 per gallon if major refinery issues develop during the summer, although most major U.S. cities will see prices peak at or slightly below $4 per gallon in 2024.
• Americans are expected to spend a combined $446.9 billion on gasoline in 2024. Average yearly spending per household will fall to an estimated $2,407, down 2% from 2023, and over 12% less compared to 2022.
• Electric vehicles (EVs) and the 2024 presidential election have the potential to impact fuel prices in the year ahead, with a potential slowdown in the EV transition at stake.
• Memorial Day will be the priciest 2024 holiday at the pump, with the national average price of gasoline expected to be $3.56-$4.04 per gallon on the holiday.
“As 2023 fades away, I’m hopeful those $5 and $6 prices for gasoline and diesel will also fade into memory,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “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. 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. 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 outlook forecasts the highest prices will be seen at the peak of the summer driving season in May, with the national average potentially rising as high as $3.89 per gallon. More uncertainty is expected with hurricane season in late summer. Diesel prices are also predicted to fall incrementally from 2023, peaking at $4.13 per gallon in March 2024.
Download the full 2024 Fuel Outlook here: https://pditechnologies.com/resources/report/2024-fuel-prices-outlook-trends-gasbuddy/?utm_source=prnewswire&utm_medium=press-release&utm_campaign=trends-2024
SOURCE: 12.28.2023. GasBuddy http://prices.GasBuddy.com.