USA: GasBuddy releases its 2020 fuel price outlook

The national average gas price in 2020 will be lower than 2019, but a robust economy could mean that some households increase consumption, driving their fuel bill higher.

GasBuddy predicted that 2020 will feature a yearly national average of $2.60 per gallon, representing a 2 cent drop versus 2019, but warns that the national average will rise as much as 75 cents per gallon from a low in February until an eventual peak in May, leading to localized gas price hotspots that could lead unsuspecting motorists to pay as much as 15-50 cents more per gallon than competitors.

Some highlights from GasBuddy’s 2020 Fuel Price Outlook include that the nation’s yearly gasoline bill will rise to $373 billion dollars, an increase of over $1 billion from last year as the average household sees their annual gasoline spending rise to $1,935. The national average is forecast to rise as much as 75 cents per gallon from a low in early February to a possible peak in May, as the seasonal switch to summer gasoline leads to notable jumps and causes some stations to raise prices much quicker than others.

In addition, 75% of the country’s largest metro areas are at risk for seeing average prices hit $3 per gallon at some point in 2020, including Atlanta, Boston, Chicago, Cleveland, Detroit, Miami, New York City, Philadelphia, Phoenix, and Washington, D.C. while four could see close to or over $4/gal: Los Angeles, Sacramento, San Francisco, and Seattle.