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Gasoline prices have been falling for 13 weeks straight now, but oil price trends could spell higher costs for drivers in the new year. An increase in prices in 2024, however, may not look like the painful surge weathered in 2022.
“While the declines may soon come to an end as the price of oil has rebounded from recent lows, we could see a gentler 2024 at the pump for motorists,” GasBuddy analyst Patrick De Haan said in a statement Monday.
In the near future, analysts forecast the national average could fall below $3 for the first time in years. The Federal Reserve signaled last week that it would lower interest rates in 2024, sending major stock market indexes higher and lifting oil prices along with it. Record U.S. production of oil has kept supply high and prices low over the last several months.
Stacker compiled statistics on gas prices in Lima, OH metro area using data from AAA. Gas prices are current as of December 17.
Lima by the numbers
– Gas current price: $2.59
— Ohio average: $2.71
– Week change: -$0.12 (-4.5%)
– Year change: -$0.16 (-5.9%)
– Historical expensive gas price: $5.07 (6/8/22)
– Diesel current price: $3.80
– Week change: -$0.15 (-3.8%)
– Year change: -$0.89 (-19.0%)
– Historical expensive diesel price: $6.11 (6/22/22)
Metros with the most expensive gas
#1. Lihue (Kauai), HI: $5.25
#2. Lawton, OK: $4.96
#3. San Luis Obispo-Atascadero-Paso Robles, CA: $4.92
Metros with the least expensive gas
#1. Casper, WY: $2.36
#2. Sherman-Denison, TX: $2.40
#3. Tulsa, OK: $2.40
This story features writing by Dom DiFurio and is part of a series utilizing data automation across 371 metros.
