Overview
- GasBuddy projects a $2.97 national average for 2026, which would mark a fourth straight yearly decline and the first annual average under $3 since 2020.
- Early-January readings show pump prices below $3 nationally, with GasBuddy at $2.74 and AAA at $2.81, while Michigan’s average sits at $2.70.
- GasBuddy’s Patrick De Haan and AAA say the recent U.S. strike in Venezuela has not materially changed near-term price expectations, with U.S. crude holding near $57 per barrel late last week.
- The EIA expects U.S. oil to average about $51 a barrel in 2026 and forecasts output easing by roughly 100,000 barrels per day to around 13.5 million, a potential source of later-year upside risk.
- Expanded supply, including a Saudi-led OPEC output increase in 2025, seasonal factors, and softer demand are keeping prices in check, and GasBuddy anticipates a May peak near $3.12 with 10 states averaging below $2.75 for the year.