According to AAA's latest report, prices fell by just 2 cents this week. (iStock)
This week, gas prices hovered just above $3 a gallon, at levels seen in early 2024.
This week, the national average gas price fell 2 cents to $3.07. According to the AAA report. This average gas price of $3.07 is 8 cents lower than last month and 19 cents lower than last year, indicating a continued downward trend.
“We do not believe that the national average for farms will ever reach $3 per gallon, even if it is fairly close,” AAA spokesman Andrew Gross said in the association's report. Stated. “Due to the extreme winter conditions, pump prices are likely to move up or down by a few cents for some time. Please be careful about the temperature.”
Prices are low due to slightly high demand, and price declines are limited. AAA's report cited Energy Information Administration (EIA) data showing gas demand increased from 7.95 million barrels per day to 8.33 million barrels per day from the previous week.
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Some states are seeing bigger changes than others.
Not all states are affected equally by changes in gas prices. These 10 states had the largest changes in average gas prices, according to AAA data.
- Indiana (+14 cents)
- Ohio (+13 cents)
- Arizona (-11 cents)
- Florida (+10 cents)
- California (−10 cents)
- Nevada (-9 cents)
- Colorado (-9 cents)
- Michigan (+8 cents)
- Oregon (−8 cents)
- New Mexico (−8 cents)
The national average is $3.07, but luckily in some states the average price is much lower. These 10 states are the cheapest places to fill up on gas.
- Oklahoma ($2.59)
- Arkansas ($2.62)
- Missouri ($2.63)
- Mississippi ($2.66)
- Wisconsin ($2.66)
- Kansas ($2.67)
- Texas ($2.67)
- Colorado ($2.70)
- Louisiana ($2.74)
- Tennessee ($2.75)
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Car insurance premiums increase by more than 20%
Car insurance premiums didn't fare as well as gas prices. The cost of car insurance rose by 20.3% in 2023. According to data released by the US Department of Labor.
Rising insurance premiums can be attributed to a variety of factors, one of which is the significant losses the insurance industry has faced in recent years. This loss was primarily due to an increase in the number of compensation claims due to an increase in natural disasters. Weather-related events have cost the auto industry more than $90 billion. According to AM Best’s 2023 report..
supply chain issues Additionally, vehicle prices have increased significantly during the pandemic, leading to higher payouts to insurance companies when owners file claims. The pandemic has also had a major impact, and interest rate hikes have been suspended, so premiums are now slowly rising to compensate for this delay.
“Many of the significant rate hikes have been delayed slightly from 2020 to 2024, but ultimately they are now happening.” said Sean Scaturro, USAA Director of Advice..
Another reason for rising insurance premiums is an increase in vehicle theft. Nearly half a million vehicles were reported stolen in the first half of 2023, an increase of 2% compared to the first half of 2022. The National Insurance Crime Bureau (NICB) reported..
“Vehicle thefts in the U.S. rose to near-record highs last year, and unfortunately, current trends mean this year's total thefts will exceed 2022,” said David Grau, president and CEO of NICB. There is a possibility.” “Law enforcement and communities will continue to suffer because there is little deterrence to stop these criminals.”
Increased theft also leads to increased claims, which auto insurance companies are struggling to keep up with. In response, they increase fees for drivers.
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