Driving Down Costs: EIA Says 2024 Retail Gasoline Prices Slightly Lower than 2023

January 9, 2024--Written by Paul Wiseman for Industrial Info Resources (Sugar Land, Texas)--Drivers got a bit of a break in 2024 as retail gasoline prices averaged 21 cents per gallon less than in 2023, says a new report from the U.S. Energy Information Administration (EIA). The 2024 price averaged $3.30 per gallon nationwide as opposed to 2023's $3.51 per gallon.

A combination of lower crude oil prices and narrower refinery margins were the main drivers, says the report.