According to a report by GasBuddy analysts released today, gas prices are projected to decrease in 2025 for the third consecutive year. The company has accurately predicted price reductions for several years, with their latest prediction stating that gas is to fall to a nationwide low of $3.22 a gallon next year, the lowest annual average since 2021.
In a press release, Gasbuddy stated: “After waiting years for the national average to fall back to levels more consistent with norms, gasoline prices are finally there, thanks to the Federal Reserve slowing the economy down with higher interest rates, a weak economy in China, the world’s second largest oil consumer, and the ultimate healer: time.”
According to the latest forecast, GasBuddy predicts that Americans will spend approximately $115 billion less on fuel in 2025 compared to their spending in 2022, when gas spiked above $5 a gallon nationally.
“2025 looks to continue the trend of slow-but-steady improvement at the pump,” stated Patrick De Haan, GasBuddy’s head of petroleum analysis.
Trump has promised to reduce gas prices to below $2 a gallon. However, De Haan believes that gas prices will remain well above $2.50 through 2025, unless there is a significant recession. “Our figures are not even on the same planet as what the President-elect has promised,” De Haan said. “We just don’t see the stars aligning for President-elect Trump to realize gas prices that low.”
By CEO NA Editorial Staff
