BAKU, Azerbaijan, January 8. U.S. retail gasoline prices averaged $3.30 per gallon in 2024, marking a $0.21 per gallon decrease from the previous year, Trend reports.
This drop was primarily driven by lower crude oil prices and tighter refinery margins, according to the Energy Information Administration (EIA).
Prices peaked in late April at $3.67 per gallon, slightly lower than the 2023 high of $3.88 per gallon, the agency says. By early December, retail prices had fallen to an annual low of $3.01 per gallon, holding steady for the remainder of the year. This more stable price range contrasted with the volatility of 2023 and reflected relatively consistent crude oil prices throughout 2024.
For the second year in a row, U.S. gasoline prices saw a decline after a sharp increase in 2022, when prices were at their highest levels in nearly a decade. Weaker gasoline demand during the summer of 2024, compared to the previous year, contributed to a build-up in inventories, further supporting lower prices.
According to the report, regional differences in gasoline prices persisted, with the U.S. Gulf Coast seeing the lowest average at $2.89 per gallon, while the West Coast had the highest at $4.18 per gallon. All regions experienced price decreases, with the Rocky Mountains seeing the most significant drop of $0.42 per gallon.