Illinois drivers should see lower gas prices in 2024, experts say

Illinois residents can expect to see lower gas prices come 2024, according to a new outlook report released Thursday by GasBuddy.

The outlook highlights key trends in gasoline and diesel prices across the country as well as offering predictions for each state.

The outlook predicts the average price of gas in Illinois to range from $3.53-$3.89 per gallon in 2024. Part of the reason for the high end of the average price of gas is due to Chicago.

GasBuddy predicts the average price of gas in Chicago to range from $4.30-$4.85 per gallon in 2024, a full dollar more than the overall average for the state.

More: Rockford Bird scooters could fly the coop after bankruptcy

The other reason for a near 40-cent difference in the average price of gas is due to the demand of gasoline going up in the summer months where more residents are likely to hit the road for vacation.

For instance, GasBuddy predicts May 2024 will be when prices are their highest with Memorial Day being the priciest holiday at the pump. The national average price of gas is expected to range from $3.56-$4.04 for Memorial Day.

Overall, gasoline prices are anticipated to be lower across the country in 2024, according to Patrick De Jaan, head of petroleum analysis of GasBuddy.

"As 2023 fades away, I’m hopeful those $5 and $6 prices for gasoline and diesel will also fade into memory," De Haan said a in news release. "The global refining picture continues to improve, providing more capacity and peace of mind that record-setting prices will stay away from the pump this year."

Diesel prices are also predicted to fall incrementally from 2023, peaking at $4.13 per gallon in March 2024.

This article originally appeared on Rockford Register Star: Illinois gas prices expected to drop in 2024, according to GasBuddy