Gasoline Prices on Track to Fall Further in 2024, Easing Inflation and Interest Rates

Gasoline prices have taken a bit of a bounce after hitting their 2023 low of $3.06 on Dec. 18, but no trend moves in a straight line. Nationally, Hawaii and California suffer the highest gas prices at $4.68 and $4.65, respectively. Gasoline prices have declined on lower demand and falling crude oil prices. Unexpected disruptions, however, are always in the cards when it comes to predicting gasoline prices. Barring the unexpected, a further decline in gasoline prices will juice the U.S. economy and keep the Federal Reserve on track to cut interest rates as inflation declines.