Gasoline prices are up 8 cents from last month. (iStock)
With warmer weather on the horizon, gas prices are trending upward as usual. Last week the price rose to $3.15, but AAA reported.
This week’s price was 8 cents higher than this time last month, but 29 cents lower than last year.
“It’s like sitting in a car with a cold battery and it’s cranking but it’s slow,” said AAA spokesman Andrew Gross. “However, gas prices are likely to start rising around Valentine’s Day.”
The price increase is mainly due to increased demand as spring approaches. Gas demand rose from 8.14 million barrels per day to 8.81 million barrels per day, according to Energy Information Administration (EIA) data.
Lower oil supplies are also contributing to the slowdown in price increases, AAA said. Oil prices also rose from last week to $73.86 per barrel, according to the EIA report.
You may not be able to control gas prices, but you can control other car-related expenses. You can save money on your monthly insurance premiums by lowering your car insurance premiums. Car insurance premiums vary based on a variety of factors, including your credit, driving habits, and insurance company. Use tools like Credible to find lower car insurance rates today.
Purchases of new cars are increasing, but insurance is also being affected.
Gas prices fluctuated more in some states than in others.
Gasoline prices fluctuated across the country, with certain states seeing larger price increases than others. Here are the states with the biggest changes in gas prices last week:
- Missouri (+22 cents)
- Wisconsin (+16 cents)
- Kentucky (+15 cents)
- Utah (+13 cents)
- Illinois (+10 cents)
- Florida (−10 cents)
- New Mexico (-7 cents)
- Ohio (+6 cents)
- Michigan (+5 cents)
- Arizona (+5 cents)
The most affordable gas markets are:
- Oklahoma ($2.67)
- Wyoming ($2.69)
- Colorado ($2.72)
- Kansas ($2.74)
- Mississippi ($2.75)
- Arkansas ($2.75)
- Missouri ($2.79)
- South Dakota ($2.81)
- Texas ($2.82)
- North Dakota ($2.82)
Comparing multiple insurance quotes can save you hundreds of dollars a year. Visit Credible today to compare quotes from multiple providers at once for free.
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Gasoline prices are likely to rise in the spring
Most years, gas prices rise immediately in the spring. Demand increases during the warmer months as more drivers get out and travel. Higher demand tends to drive up the price of gas, as oil companies rush to meet this demand.
Gasoline prices have been rising for the past 14 years, with the average rate of increase in prices remaining roughly the same. 10 cents per gallon.
“As we move closer to early spring, any temporary and modest price declines will be replaced by more expensive gasoline,” said Patrick de Haan, head of petroleum analysis at GasBuddy.
To save money this spring, compare auto insurance quotes today and see if you qualify for a lower premium. Credible’s auto insurance marketplace simplifies this shopping process, allowing you to compare multiple rates in one place.
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