SOUTH PORTLAND, Maine — If saving money is on your list of New Year's Resolutions, you might catch a break the next time you fill up your car.
The U.S. Energy Information Administration reported that 2022 witnessed the highest gas prices in U.S. history.
However, experts are optimistic, predicting a slight drop in gas prices throughout 2024 that could make a significant difference by year-end.
"It used to be a lot less," Maine resident, Greg Odlin, said, emphasizing the impact of rising gas prices on everyday expenses.
Despite the recent financial strain, the outlook for 2024 is promising. Gas prices are expected to decrease by an estimated 13 cents per gallon.
"It's going to add up to about a hundred dollars for the average household," Patrick De Haan, head of petroleum analysis at GasBuddy, said.
In 2023, GasBuddy reported that the average household spent $2,400 annually on gas for their cars, with the lowest prices occurring in fall and winter.
Looking ahead to spring and summer 2024, De Haan projects that the average gas prices in Maine will range from $3.33 to $3.67 per gallon.
Interestingly, rural parts of Maine may experience lower prices throughout the year.
"It's those rural areas that don't pump as much gas that generally will have those lower prices for longer," De Haan said.
The relief isn't limited to the gas pump. The U.S. EIA also predicts a drop in natural gas prices to heat homes this winter, potentially saving consumers more than $150 compared to the previous year.
“Well, it's nice that I don't have to pay as much," Maine resident, Owen King, said.
GasBuddy reassures consumers that the organization considers various factors throughout the year that could impact gas prices, including significant weather events.
This suggests the projected price drop is based on a comprehensive analysis of multiple variables.
As consumers gear up for the year ahead, aligning with the hope that 2024 will bring positive changes to household budgets across the nation.