Summer Travels To Elevate The Oil Demand In 2024
Gasoline Prices in 2023 See a Decline in Prices Since December 2022
By Shubhendra Anand , 10 January, 2024
Gas prices fluctuated throughout 2023 based on geopolitical issues, inflation, consumer demands, and production, among many other factors. The global economic crisis clutched prices, and gas prices were no exception. The United States Energy Information Administration reveals that the national average price of one gallon of gasoline declined to USD 3.14 in the second week of December 2023.
According to surveys, the recent decline in gasoline prices is due to the sharp decline in crude oil prices in 2023, such as West Texas Intermediate crude (WTI) decreasing to USD 70 per barrel in December 2023. The earlier price was at USD 90 per barrel for crude oil for three months before the crude oil price fell to USD 70 per barrel in December 2023. The market price for crude oil was higher less than three months ago due to the extension of cutbacks from oil exports from countries like Saudi Arabia and Russia in 2023.
Based on the information given by the United States Energy Information Administration, the national average price of one gallon of gasoline has seen the highest price decline, which is USD 3.14, at the beginning of December 2023 since December 2022. The agency reports that the holiday ahead of December's second week might have seen a massive rush in the roads and transportation systems in the United States. Therefore, the decline in crude oil prices at the year-end peak will benefit Americans in 2023. Experts expect the average fuel cost to drop to around USD 3 per gallon in the United States by the end of 2023.
A decline in gasoline prices will benefit consumers in many ways, such as expanding their businesses and others. The consumers support the idea that a decrease in gasoline prices will allow them to make more investments in the business sector. Thus, a decline in gasoline prices in the United States will take full advantage of the holiday season in December 2023.
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Shubhendra Anand
Head Research
