National average fuel prices for both gasoline and diesel in 2020 are expected slightly lower than 2019, but with several uncertainties.
Gas Buddy’s 2020 Fuel Outlook predicts 2020 will feature a yearly national average of $2.60 per gallon, representing a two-cent drop versus 2019. The report predicts the 2020 national average diesel price at $3.03 a gallon.
However, the report notes prices are largely season and location-driven, noting that refinery maintenance, seasonable blend switches, and environmental regulations all impact price.
The report suggests that with the U.S. entering an election year in 2020, the most likely scenario will be for President Donald Trump to shore up the U.S. economy ahead of the election to increase his chances of being re-elected. Researchers say such a move may contribute to a more reliable period of growth and rise in oil demand, met by increasing global oil production, even against OPEC’s production curb through March.