Navigating Summer 2024 Fuel Prices: What Riders Need to Know
When you hit the road this summer, you might expect high temperatures, heavy traffic, and pricey trips to the fueling station. There are a number of factors that determine the price of gasoline, but it basically boils down to supply and demand, which usually makes up about 50–60% of the actual price per gallon.
Other factors include refining costs and profits; distribution and marketing costs; federal and state taxes; and local gas stations that may lower or raise their prices based on location and the amount of nearby competition. But again, the biggest factor is how much oil is pumping out of the ground and the demand from motorists to put fuel in a vehicle and drive around. However, global factors, such as the war in Ukraine, and natural disasters, like hurricanes, tornadoes, and floods, can also play a role, so it is difficult to predict what pricing will do from day to day.
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Summer is normally a major time for travel, so gas prices can almost always be expected to rise with families planning vacations that include a lot of road time. However, the start of summer 2024 began with a bit of an anomaly, with gas prices actually falling in June, instead of heading in the other direction.
Cycle Trader took a look at the trends behind the rise and fall of gasoline prices and what is anticipated for the rest of the summer. If you’re riding more in the upcoming months or planning a longer road trip, consider these factors when you’re burning fuel on your motorcycle.
Economy and EVs Affect Gas Prices
One of the things that analysts discovered about travel after the pandemic lockdown—not surprisingly—was that people couldn’t wait to get out of the house after social distancing recommendations were relaxed. However, now that the economy is causing the prices of consumer goods to rise without a matching rise in household income, people are cutting back on “frugal” things like vacations, choosing to staycation at home instead. Less travel equals lower demand for fuel.
Another thing that is currently affecting the demand for gasoline is the introduction and acceptance of electric vehicles and those that use biofuels, such as propane or natural gas. And while there are electric motorcycles on the market and consumers are testing them out, the biggest impact on the demand for gasoline is being reduced by trucking fleets and large passenger vehicle (SUV) drivers who are making the switch to electric vehicles with lower greenhouse gas emissions.
The Impact of Summer Travel on Fuel
After gas prices dropped for the first three weeks of June, it did rise 5 cents prior to the Independence Day holiday. This was mostly due to the fact that oil prices rose to more than $80 per barrel. However, it might also have been caused by a record forecast of 60 million travelers hitting the road in the United States in early July.
Nonetheless, experts are predicting that the price of gasoline should stay relatively stable over the summer, which means it’s a great time to make travel plans. Currently, the national average is around $3.50 per gallon for regular gasoline. However, knowing that most high-compression bikes use premium fuel, we took a look at what the American Automobile Association (AAA) had listed for the average price per gallon in each state, including regular and premium, as of July 8, 2024.
States with the Highest Prices for Gas (based on the price of regular gas)
- California—$4.791 (regular); $5.173 (premium)
- Hawaii—$4.681 (regular); $5.141 (premium)
- Washington—$4.291 (regular); $4.755 (premium)
- Oregon—$4.031 (regular); $4.483 (premium)
- Nevada—$4.026 (regular); $4.525 (premium)
- Alaska—$3.875 (regular); $4.358 (premium)
- Illinois—$3.800 (regular); $4.766 (premium)
- District of Columbia (Washington, D.C.)—$3.720 (regular); $4.644 (premium)
- Pennsylvania—$3.668 (regular); $4.428 (premium)
- Connecticut—$3.600 (regular); $4.547 (premium)
States with the Lowest Prices for Gas (based on the price of regular gas)
- Mississippi—$2.990 (regular); $3.760 (premium)
- Louisiana—$3.066 (regular); $3.832 (premium)
- Arkansas—$3.075 (regular); $3.841 (premium)
- Oklahoma—$3.092 (regular); $3.704 (premium)
- Texas—$3.098 (regular); $3.849 (premium)
- Alabama—$3.161 (regular); $3.951 (premium)
- Kansas—$3.112 (regular); $3.711 (premium)
- Missouri—$3.122 (regular); $3.756 (premium)
- Tennessee—$3.164 (regular); $3.944 (premium)
- South Dakota—$3.215 (regular) $3.881 (premium)
As you can see, in some cases the price for premium gasoline doesn’t always follow the same ranking as the price of regular gasoline. For example, the price of regular gasoline ranks Illinois as seventh, but if you look at the price of premium gas, they would be the third most expensive state. When you’re ready to ride, you can get AAA’s full listing of average gas (regular, mid-grade, and premium) prices updated daily so you can plan your trip.
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Time To Roll
Since motorcycles are much friendlier on fuel consumption than passenger vehicles, you might not be concerned about what you’re paying at the pump so long as you’re enjoying some riding time and hitting scenic sites. Nonetheless, it’s good to know how much it will cost when you travel.
If you don’t already have a bike, let Cycle Trader help in your search. We have the largest inventory of online listings with thousands of new and used motorcycles from dealerships and independent sellers nationwide.
Get out there and enjoy the summer the way it was meant to be enjoyed.
Barrett Baker