RI Might See Lower Gas Prices In 2024: Here's Why

RHODE ISLAND — Gas is not expected to cost as much next year in Rhode Island, according to a 2024 fuel price outlook that looks at current market conditions and speculates on how they may affect fuel prices in the future.

In Rhode Island, the average per gallon price in 2023 was around $3.50. GasBuddy, an app that helps users find cheap fuel in their area, forecasts prices will average $3.25 to $3.58 a gallon in 2024. The average daily cost of gasoline in Providence and other Rhode Island cities could go as high as $3.65 to $4.05.

Here’s what Gas Buddy forecasts for national gas prices by month in 2024:

• January: Range $2.84 - $3.37; average $3.11
• February: Range $2.96 - $3.43; average $3.20
• March: Range $3.19 - $3.58; average $3.39
• April: Range $3.19 - $3.58; average $3.52
• May: Range $3.44 - $3.89; average $3.67
• June: Range $3.41 - $3.82; average $3.62
• July: Range $3.32 - $3.74; average $3.53
• August: Range $3.28 - $3.92; average $3.60
• September: Range $3.24 - $3.67; average $3.46
• October: Range $3.16 - $3.52; average $3.34
• November: Range $2.99 - $3.31; average $3.15
• December: Range $2.81 - $3.16; average $2.99

U.S. fuel prices reached record highs in 2022 due to COVID-19 supply issues, near-record inflation, and Russia’s war in Ukraine. The forecast author, Patrick De Haan, GasBuddy’s head of petroleum analysis, said he expects prices will normalize next year, with prices averaging $3.38 a gallon, compared to $3.51 in 2023.

“As 2023 fades away, I’m hopeful those $5 and $6 prices for gasoline and diesel will also fade into memory,” De Haan said in a statement. “The global refining picture continues to improve, providing more capacity and peace of mind that record-setting prices will stay away from the pump this year. 2024 will feature some volatility, unexpected outages and disruptions, and potentially weather-related issues, but I do not expect it to feature record prices — anywhere.”

If the forecast is correct, 2024 prices will be around the level of 2014 price of $3.34 a gallon. The forecast makes allowances for seasonal peaks around Memorial Day when prices could go over $4 a gallon.

During other major holidays, gas prices are expected to remain well below that level, with per gallon prices ranging from $2.83-$3.16 possible by next Christmas.

Motorists nationwide are expected to spend about $446.9 billion to fuel their vehicles in 2024, compared to $479.2 billion in 2023. Both are well below $526.3 billion spent in 2022.

By household, gasoline spending is expected to be about $2,407 in 2024, compared with $2,460 in 2023 and $2,715 in 2022.