AAA says drivers are taking a break and prices are trending down. (iStock)
Gasoline prices fell this week as demand for fuel and oil fell, according to the latest AAA report.
The national average cost of a gallon of gasoline fell to $3.65, down just 2 cents from the previous week. Gas demand fell from 8.66 million barrels a day to 8.42 million barrels a day last week, and oil prices fell 55 cents to settle at $82.81 a barrel, according to Energy Information Administration (EIA) data.
Lower gasoline demand and continued declines in oil prices could further constrain pump prices as motorists head into the Memorial Day holiday.
“Domestic gasoline demand is quite volatile at this time, as is typical in the run-up to Memorial Day and the start of the traditional summer driving season,” AAA spokesman Andrew Gross said in a statement. . “The recent national average price of $3.67 could be the peak until hurricane season officially begins. But as always, the wild card price will be oil prices, so stay tuned. please.”
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The cheapest and most expensive states to pump gas
Gas prices for motorists vary across the country, with some states averaging higher prices than others. Here are the 10 states with the lowest prices:
- Mississippi ($3.09)
- Colorado ($3.13)
- Louisiana ($3.15)
- Oklahoma ($3.16)
- Arkansas ($3.21)
- New Mexico ($3.23)
- Kansas ($3.23)
- Alabama ($3.25)
- Texas ($3.25)
- Tennessee ($3.27)
The most expensive markets for gas in the country include the following 10 states:
- California ($5.40)
- Hawaii ($4.80)
- Washington ($4.65)
- Nevada ($4.59)
- Oregon ($4.43)
- Alaska ($4.37)
- Arizona ($4.09)
- Utah ($3.97)
- Idaho ($3.93)
- Illinois ($3.91)
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Delay in car sales
The newspaper said high borrowing costs are making consumers think twice about buying big-ticket items such as cars, as evidenced by the slowdown in car sales. First quarter gross domestic product (GDP) The findings were released by the Bureau of Economic Analysis (BEA) on Thursday.
According to a recent Edmunds study, consumers paid an average annual percentage rate (APR) of 7.1% for new cars and 11.7% for used car financing in the first quarter of 2024. report. Additionally, the percentage of consumers whose monthly payment for a new car is more than $1,000 has exceeded 17% for four consecutive quarters.
“Attractive new product launches, the reintroduction of incentives, and a rebound in inventory in the new car market are all positive signs for shoppers, but rising interest rates are driving the market forward,” said Jessica Caldwell, head of insights at Edmunds. It’s slowing down,” he said.
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