From Investing.com:

American drivers can expect lower motor fuel costs in 2024, with the U.S. national average retail gasoline price projected to drop by 13-17 cents to $3.38 a gallon, according to forecasts.

Lower gasoline prices are expected to free up money for consumers, potentially helping the U.S. avoid a recession next year.

U.S. fuel stocks have built rapidly since mid-November, with refiners adding over 10 million barrels of gasoline to storage. Refinery utilization in the U.S. Midwest climbed to its highest level on record.

More than 1 million barrel per day of new refining capacity is set to come online this year in China, India, Mexico, the Middle East and Nigeria.

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.



Read more: U.S. drivers hope for lower pump prices in 2024 as gasoline stocks climb By Reuters