Software company GasBuddy recently released its annual Fuel Price Outlook, which shows an anticipated decrease in gasoline and diesel prices this year in the United States. The news may also prove of interest to dealers in Canada, as what happens in the U.S. tends to have a ripple effect.
Dealers may also see a trend in the type of vehicles that will sell this year. GasBuddy’s outlook explores key trends in gasoline and diesel prices, with an expectation that the U.S. yearly national average will drop from 2023’s $3.51 per gallon (around CA$4.67 per approximately 3.76 litres) to $3.38 (around CA$4.50) this year.
“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,” said Patrick De Haan, Head of Petroleum Analysis for GasBuddy, in a statement. “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.”
He added that offsetting OPEC+’s production cuts is helping to boost U.S. oil production, which De Haan said now stands at record levels. “Combined with Canada, North American oil production could further stabilize countries that have decided to curb oil production.”
Based on the company’s outlook forecast, dealers may see prices reach their climax at the peak of the summer driving season in May. The U.S. national average may also potentially reach as high as $3.89 per gallon (CA$5.18 per approximately 3.76 litres).
