What will gas cost in 2025?

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The Energy Information Administration's (EIA) latest Short Term Energy Outlook report projects a decline in U.S. gasoline prices over the next couple of years. Specifically, the report forecasts an average price of approximately $3.40 per gallon for gasoline in 2024.

This projected price represents a slight decrease from the estimated average of $3.50 per gallon in 2023. The EIA's analysis suggests that various factors, including global oil supply and demand dynamics, will contribute to this downward trend.

Moving forward to 2025, the EIA anticipates an even further reduction in gasoline prices, with an average of around $3.20 per gallon predicted. This indicates a continued easing of price pressures at the pump for American consumers.

The EIA's report highlights the complex interplay of various economic and geopolitical factors that influence gasoline prices. From OPEC production decisions to global economic growth rates, these factors can significantly impact the cost of filling up at the gas station.