​​Over the past few months, gasoline prices have been high and are predicted to rise further as summer approaches. Several aspects, including economic and geopolitical factors, significantly impact summer gas prices. For instance, as President Biden’s administration focuses on clean energy, summer gas prices are expected to increase due to increased regulations, production cuts, and rising demands. 

However, you can find ways to manage gas costs by planning for fuel efficiency. Here's a deep dive into the gas prices for summer 2024, past trends, and ways you can save money on gas.  

Why is Gas So Expensive? 

The factors that contribute to increased gas prices include:

1. Supply and demand: The demand for gasoline increases during peak driving seasons like summer, as everyone wants to travel and enjoy a summer road trip. As the demand increases, fuel prices tend to increase. Prices may also increase if the fuel supply is disrupted due to refinery outages or natural causes, such as hurricanes or COVID-19.

2. Global oil prices: Global crude oil prices significantly influence gasoline prices. Supply and demand imbalances or geopolitical tensions, such as the war in Ukraine, can drastically affect global crude oil prices, thus increasing gas prices.

3. Production costs: Gasoline production involves extracting crude oil from the ground and refining and blending it into varying fuel grades, including regular, midgrade, and premium. The high production and refining costs significantly impact gas prices. Factors such as the refinery’s condition, labor costs, and raw material expenses may also affect gas prices.

4. Government regulations and taxes: Changes in government policies may lead to higher taxes, which can contribute to increased gas prices. For example, the federal, state, and local governments may impose regulations on gasoline production to fund other programs, such as clean energy or alternative fuels. This can limit crude oil production, reduce gasoline supply, and increase fuel prices.

5. Inflation: A high inflation rate reduces your purchasing power. This means you require more units of currency to buy the same amount of gasoline, which translates into high gas prices. In May 2024, the inflation rate was about 3.36%.

6. Transportation and distribution costs: Transporting and distributing gasoline from refineries to gas stations is expensive. The price may further vary based on factors such as the distance traveled and fuel costs for transportation.

7. Market competition: Gas prices often vary among gas stations in the same locality. Cost variations may be attributed to operating expenses or discounts to attract customers. So market competition may influence gas prices at the local level. 

Expected Gas Prices For Summer 2024

After the unstable gas price trends of 2022, consumers may found some relief in 2023. According to the American Automobile Association, the average price of regular gasoline in May 2023 was $3.54 a gallon, and premium gas was $4.29. In comparison, the current average price of regular gasoline in 2024 has increased slightly to $3.59, with premium gasoline at $4.38. 

The EIA suggests that the price for a gallon of gasoline will average near $3.70 from April to September 2024. 

Predicting future gas prices can be challenging as multiple factors contribute to the uncertainty. For example, how the U.S. economy performs in 2024 and interacts with global factors can vastly affect gas prices. Additionally, the war in Ukraine, the reversal of the zero-COVID policy in China, and the shift toward clean energy continue to impact gas prices in the U.S. Any unforeseen events like natural disasters may further impact the average prices. 

Surging summer gas prices can also be expected due to increased vehicle travel. It can lead to decreased gasoline stockpiles, causing retail gas prices to increase, especially during summer. 

A surge in gas prices can also be attributed to the spring maintenance of U.S. refineries. This can reduce gasoline processing capacity and increase fuel costs. The 2023 refinery expansion by the American multinational oil and gas corporation ExxonMobil increased oil production capacity. 

The refinery expansion was expected to increase crude oil refining and gasoline production by 250,000 barrels per day.

Considering all these factors, expect fluctuations in summer gas prices, possibly averaging $4 per gallon. 

2024 Summer Gas Prices

Here’s a list of the average summer gas prices in each of the 50 American states and the District of Columbia in 2024 for comparison:

 

How to Beat High Gas Prices This Summer in an RV

High summer gas prices can be challenging if you drive a recreational vehicle (RV). But these strategies can help you minimize fuel costs and save money at the gas pump:

• Plan your trips efficiently: To maintain fuel efficiency and avoid unnecessary driving, plan your road trips, map the routes, and combine multiple tasks into one trip. The more efficiently you drive your RV, the more money you’ll save.

• Maintain your RV well: Ensure your RV is well-maintained before you hit the road. Check the tire pressure, air filter, and oil level frequently. Proper maintenance will help your RV run efficiently and use less gas, helping you save more money.

• Use cruise control or drive slow: Use cruise control to maintain a constant speed or drive at slower speeds to improve your RV's fuel efficiency. It will help reduce your fuel costs. 

• Avoid idling: When you stop or park your RV, turn off the engine to save gas and avoid idling. But if you need to run the engine for air conditioning, minimize your vehicle’s idle time.

• Consider alternative fuel options: Some RVs can run on alternative fuels like propane or biodiesel, which can be less expensive than gasoline. Check with the manufacturer to see if they offer alternative fuel options for your RV.

• Use gas price apps: Tools like apps and websites can help you find the best gas prices along your route. Some may offer cashback and discounts to save money on gas.

• Pack light: Avoid overloading your RV because additional weight can increase fuel consumption. This can result in higher gas expenses. So pack light to save fuel money.  

• Join a gas station loyalty program: Several gas stations offer loyalty programs to help you save fuel costs. Check if gas stations near you have loyalty programs, and sign up to start saving.

• Consider renting or sharing an RV: Consider renting an RV to avoid ownership and maintenance costs. If you own an RV, share it with friends or family to split fuel costs and other expenses.

Get On the Road with Cruise America

If you're planning a summer road trip and looking for a comfortable, convenient, and reliable mode of transportation, consider renting an RV from Cruise America. With Cruise America’s wide selection of well-maintained RVs and flexible rental options, you can explore the open road while enjoying the comfort of home wherever you go.

Don't let summer gas prices or hotel costs hold you back from experiencing the adventure of a lifetime with your family and friends. Rent an RV from Cruise America, and start planning your journey today.