The average price for a gallon of gas this week was $3.67. (iStock)
The average price Americans pay at the pump rose last week, but only by 4 cents. AAA reported. Drivers paid an average of $3.67 per gallon, which is 21 cents more than this time last year.
Prices have increased slightly due to a slight increase in demand. Gas demand rose from 8.61 million barrels per day to 8.66 million barrels per day last week, according to Energy Information Administration (EIA) data.
The drop in oil prices prevented prices from rising too high. Tensions in the Middle East have driven up oil prices in recent weeks, but this week saw prices fall to the low $80s per barrel.
“The oil market is at risk due to the overseas situation with wars in both the Middle East and Ukraine,” said AAA spokesman Andrew Gross.
“However, this is also a time when gasoline demand may slow down a bit, from the end of spring break to Memorial Day. Therefore, the national average gasoline price may be flat on some days, or slightly “There could be a little bit of confusion with some price increases,” Gross said, “and some price declines.”
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The cheapest and 10 most expensive markets
Gasoline prices fluctuate across the country. Here are the 10 states with the lowest prices:
- Mississippi ($3.11)
- Colorado ($3.16)
- Louisiana ($3.18)
- Oklahoma ($3.22)
- Arkansas ($3.23)
- New Mexico ($3.26)
- Tennessee ($3.26)
- Kansas ($3.26)
- Alabama ($3.27)
- South Carolina ($3.27)
At the other end of the spectrum are the states with the highest gas prices.
- California ($5.45)
- Hawaii ($4.78)
- Washington ($4.67)
- Nevada ($4.63)
- Oregon ($4.44)
- Alaska ($4.37)
- Arizona ($3.13)
- Utah ($3.96)
- Illinois ($3.96)
- Idaho ($3.93)
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Prices for both used and new cars are falling.
Car prices remain high, but prices for both new and used cars have fallen in recent months. In the first half of April, used car wholesale prices fell by 1.9%. Reported by Cox Automotive.
The Mannheim Used Car Value Index, which measures used car prices, fell 13.7% to 199.2. The impact of the pandemic on the auto industry appears to be starting to fade, as the index has not fallen below 200 since March 2021.
Buyers looking to buy a new car will likely find slightly lower prices at dealerships. The average price of a new car is $47,244, higher than in February 2021 but lower than in January of this year. Kelley Blue Book reported.
“While everyone may celebrate the modest price declines at this point, affordability remains a challenge for the market,” said Erin Keating, executive analyst at Cox Automotive. “There is,” he said.
“The new car market remains a challenge because most shoppers haven’t seen their incomes grow as quickly as car prices,” Mr Keating said.
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Purchases of new cars are increasing, but insurance is also being affected.
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