"Analysts Forecast Continued Decline in Gas Prices into 2024 Amidst EV Rise and Surging Fuel Stocks"
The U.S. Energy Information Administration forecasts that electricity generation from solar and wind will surpass coal for the first time in 2024, with solar expected to see a 39% increase from 2023. This shift towards renewable energy sources is set to reduce the carbon footprint of electric vehicles (EVs), making them even more environmentally friendly. Concurrently, Gas Buddy predicts that U.S. gas prices will average $3.38 per gallon in 2024, a decrease from the 2023 average, potentially saving Americans $32 billion in fuel costs. However, the impact on EV drivers is uncertain due to recent electricity price hikes, which could affect the cost advantage of EVs over gasoline vehicles despite the anticipated drop in gas prices.