Last week, gas prices rose by just 3 cents. (iStock)
According to , the average gas price across the country rose just 3 cents last week and now stands at $3.56 per gallon. AAA Weekly Report.
Spring is here and the demand for gas is increasing. Demand rose from 8.72 million barrels per day to 9.23 million barrels per day, according to Energy Information Administration data. Oil prices are in the mid-$80s per barrel, and gasoline prices are gradually rising.
The continued war between Russia and Ukraine and tensions in the Middle East also added to the rise in oil prices.
AAA spokesman Andrew Gross said: “Renewed attacks by Ukraine on Russia’s oil infrastructure and rising tensions in the Middle East have driven oil prices higher recently.” “And the cost of oil accounts for about 60% of what we pay at the pump, so there will be some upward pressure on prices.”
This week’s national average is 21 cents higher than this time last month and 6 cents higher than last year.
If you want to save on one of your biggest car-related expenses, consider shopping around for better car insurance rates. Credible’s auto insurance marketplace simplifies this quoting process, allowing you to compare rates from multiple companies in one place.
Auto insurance costs will continue to rise in 2024 – pay less in these US states
These states had the highest increases in gas prices.
Since last week, average gas prices have increased faster in certain states than in other states. The 10 states with the highest increases are:
- Indiana (+19)
- Arizona (+19)
- California (+17)
- Ohio (+15)
- New Mexico (+15)
- Utah (+11)
- Alaska (+10)
- Kentucky (+10)
- Nevada, (+10)
- Idaho (+9)
Some of these states overlap with the most expensive markets. Here are the 10 states with the highest gas prices.
- California ($5.20)
- Hawaii ($4.69)
- Washington ($4.57)
- Nevada ($4.49)
- Oregon ($4.33)
- Alaska ($4.18)
- Arizona ($3.97)
- Illinois ($3.91)
- Utah ($3.87)
- Idaho ($3.75)
Comparing multiple insurance quotes can save you hundreds of dollars a year. Get a free quote in minutes through Credible’s partners.
Drivers want additional insurance options when purchasing a car: Survey
New car prices are finally coming down.
People looking to buy a car are finally taking a breather. The average price of a new car fell in March 2024.
“As manufacturer incentives rise, retailer margins decline, and the availability of lower-priced vehicles increases, average retail transaction prices for new vehicles is declining,” he said. press release.
Prices have fallen by an average of $1,648 and are currently hovering around $44,186, King said. This is the largest decline ever for March. Lower prices mean more drivers are looking to buy. Compared to March 2023, sales are expected to increase by 10.7%. New car sales are expected to be 1,225,000 units.
“Increased inventory means retailers will pre-sell fewer vehicles and more shoppers will be able to purchase directly from dealer premises,” Mr King said. “This month, J.D. Power projects that 31.7% of vehicles will sell within 10 days of arriving at dealerships, down from a peak of 58% in March 2022.”
Used car prices are also lower than last year. J.D. Power reported that used car prices in March averaged $27,950, down 4.3%, or $1,248.
If you’re buying a new car, make sure you have the right insurance at the right price. Before deciding on insurance, it’s important to compare coverage with several car insurance companies. Credible’s auto insurance marketplace makes it easy and fast to compare quotes.
Purchases of new cars are increasing, but insurance is also being affected.
Have a finance-related question but don’t know who to ask? Email Credible Money Expert at moneyexpert@credible.com and Credible may answer your question in a Money Expert column.
