--- title: Why Gas Prices Will Probably Keep Falling This Summer description: Gas prices are down because of lower oil prices and declining demand. Experts forecast that gas prices will fall further in summer 2024. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter at Money who frequently writes about news and trends related to car buying, auto insurance and gas prices. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 597 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2024-06-04T19:43:59.000Z' modified: '2024-06-04T19:43:59.000Z' section: Personal Finance tags: - News word_count: 547 canonical: https://money.com/gas-prices-forecast-fall-summer-2024/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Gas pump creating a downward graph](https://img.money.com/2024/06/News-Summer-Gas-Prices.jpg) Although gas prices often peak during the warmest months of the year when driving demand is high, experts point to several positive factors shaping up for drivers this summer. The average price for a gallon of gas is now about $3.50, which is 14 cents cheaper than a month ago and the lowest national average since March, according to [GasBuddy](https://www.gasbuddy.com/go/average-gas-prices-decline-fall-to-lowest-level-since-march). Gas prices have fallen because oil prices are down 7% in the past month, and crude oil accounts for 55% of what you pay for a gallon of gas. A drop in gasoline demand due to less driving activity after the Memorial Day holiday has also taken pressure off prices. And according to a [recent report](https://gasprices.aaa.com/pump-prices-keep-slip-slidin-away-as-atlantic-hurricane-season-looms/) from AAA, increasing gasoline supply is another bit of good news for motorists. “Gas prices will likely keep up this slow sag now that we are past the Memorial Day travel weekend,” AAA spokesperson Andrew Gross said in the report. “But it’s time to start weather watching as the Atlantic Hurricane Season begins June 1st, and forecasters predict it will be very active.” The Gulf Coast is home to about half of the country’s refinery capacity, and while it’s [relatively rare](https://www.eia.gov/outlooks/steo/report/perspectives/2023/07-hurricanes/article.php) for hurricanes to cause a huge slow down, the possibility for a major event is always a concern from around June to November. ## Personal Loans can help you in your time of need ### If you're struggling to get back on track, applying for a Personal Loan is a step in the right direction. Click on your state and find out more. [Get Started](https://money.com/pr/q7bcb59e9049?ap_referrer=%2Fgas-prices-forecast-fall-summer-2024%2F) ## How much could gas prices fall this summer? Denton Cinquegrana, chief oil analyst at the Oil Price Information Service, says gas prices could fall 10 to 15 cents per gallon in the next six weeks. The longer-term outlook will depend on weather, but if it “cooperates” Cinquegrana says prices could range from about $3.35 to $3.50 for the summer. “That is a big if though,” he cautions. “In addition to hurricanes, I'd keep an eye on extreme heat and their impact on refinery operations. Refineries are built to run in triple digit ambient temperatures for a handful of days in a row...not 3-4 weeks in a row like last year,” Cinquegrana says. Patrick De Haan, head of petroleum analysis at GasBuddy, said in a report Monday that “it’s very likely we’ll continue to see gas prices fall as we approach July 4.” While “the future looks bright for falling fuel prices across the board,” De Haan agrees that a bad storm could upend that forecast. The U.S. Energy Information Administration (EIA) said in its outlook last month that gas prices will average about $3.70 during the summer driving season, which runs from now until September. The EIA forecasts that [refinery capacity](https://www.eia.gov/outlooks/steo/report/perspectives/2024/05-summergasoline/article.php) this summer will likely be higher than the average over the past five years, but about 3% lower than the 2019 peak. High gas prices are less of a risk after the summer months, experts say. By the end of the year, gas prices are forecasted to drop to about $3.40 nationally, according to the EIA. Gas is currently cheapest in Oklahoma ($2.95 per gallon of regular), Mississippi ($2.97) and Arkansas ($2.98). Several other states could soon join them below the $3 threshold — like Texas ($3.00) and Louisiana ($3.03). ## Personal Loans can help you in your time of need ### A Personal Loan from Credible can help you mitigate losses and get back on track. Click here to explore your options! [View Rates](https://money.com/pr/h3be78fab156?ap_referrer=%2Fgas-prices-forecast-fall-summer-2024%2F) ![](https://s3.consumersadvocate.org/prd/image/image/39969/medium_0f8b4a5b-9359-433c-b312-2af52339cec6.webp) Personal Loans can help you get back on track [Get Started](https://money.com/pr/w61fc05665c9?ap_referrer=%2Fgas-prices-forecast-fall-summer-2024%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/gas-prices-forecast-fall-summer-2024/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Personal Finance", "item": "https://money.com/personal-finance/" }, { "@type": "ListItem", "position": 3, "name": "News", "item": "https://money.com/tag/news/" }, { "@type": "ListItem", "position": 4, "name": "Why Gas Prices Will Probably Keep Falling This Summer" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/gas-prices-forecast-fall-summer-2024/#webpage", "url": "https://money.com/gas-prices-forecast-fall-summer-2024/", "name": "Why Gas Prices Will Probably Keep Falling This Summer", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2024-06-04T19:43:59.000Z", "mainEntity": { "@id": "https://money.com/gas-prices-forecast-fall-summer-2024/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/gas-prices-forecast-fall-summer-2024/#breadcrumb" }, "dateModified": "2024-06-04T19:43:59.000Z" }, { "@type": "NewsArticle", "headline": "Why Gas Prices Will Probably Keep Falling This Summer", "articleSection": "Personal Finance", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2024/06/News-Summer-Gas-Prices.jpg", "width": 2880, "height": 1920, "caption": "News-Summer-Gas-Prices" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter at Money who frequently writes about news and trends related to car buying, auto insurance and gas prices.", "image": "https://img.money.com/2023/02/peter.png?w=350&h=430&crop=1", "email": "peter.grieve@money.com", "jobTitle": "Lead News Reporter", "alumniOf": "University of Chicago, BA Political Science", "sameAs": [ "https://twitter.com/pete_grieve", "https://linkedin.com/in/pete-grieve-b5aa02138", "https://www.facebook.com/petegrieve4" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2024-06-04T19:43:59.000Z", "description": "Gas prices are down because of lower oil prices and declining demand. Experts forecast that gas prices will fall further in summer 2024.", "abstract": "Gas prices are down because of lower oil prices and declining demand. 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