AAA says lower gas demand and increased supply are driving down prices at the pump. (iStock)
If gasoline demand remains low, motorists will likely see lower prices at the pump over time.
The average price of gasoline for the week ending January 4 fell to $3.09, down 3 cents from the previous week, according to the latest figures. report From AAA. The average pump price is 15 cents lower than a month ago and 17 cents lower than a year ago.
“January is a bit of a terrible time of year and gas prices are low,” AAA spokesman Andrew Gross said. “Unless there is an unexpected shock to the global oil market, gasoline prices are likely to remain up or down by a few cents for some time.”
West Texas Intermediate (WTI), the oil price benchmark, rose $2.32 to $72.70 at the official close of trading on Wednesday. Gas demand fell to 7.95 million barrels a day from 9.17 million barrels a day the previous week, according to new data from the Energy Information Administration (EIA).
AAA noted that oil prices rose this week due to rising tensions in the Middle East region.
To minimize the cost of owning a car, buy cheaper car insurance to lower your monthly premiums. Visit Credible to compare options without affecting your credit score.
Consumers feel more confident about their finances and ready to spend money: Survey
Gas prices by state
Those 10 states have seen the biggest declines in average gas prices since last week, according to AAA.
- Ohio (-14 cents)
- Indiana (-10 cents)
- Florida (-9 cents)
- Delaware (-8 cents)
- Michigan (-8 cents)
- Maryland (-7 cents)
- Wyoming (-7 cents)
- Tennessee (-6 cents)
- Idaho (-6 cents)
- Nebraska (-6 cents)
Fuel costs in 10 states exceed $3.25 per gallon. Here are the 10 most affordable markets in the country.
- California ($4.71)
- Hawaii ($4.66)
- Washington ($4.11)
- Nevada ($3.94)
- Oregon ($3.76)
- Alaska ($3.62)
- Pennsylvania ($3.38)
- New York ($3.34)
- Arizona ($3.33)
- Vermont ($3.28)
If you want to reduce the cost of owning a car, you may be able to save money by purchasing cheaper car insurance premiums. Credible helps you compare multiple insurance quotes To find the best insurance rate for you.
Paycheck-to-paycheck Americans carry 60% of their own credit card debt: study
Auto insurance premiums and claims continue to trend upwards
The automotive industry faces challenges as insurance premiums and claims continue to rise, according to AM Best's latest market segment report.
Insurers are facing an increase in auto insurance claims, primarily as drivers return to work. More people are leaving their homes now than at the height of the COVID-19 pandemic. The more drivers on the road, the more accidents will be reported and the higher your insurance premiums will be.
AM Best senior industry analyst Christopher Graham said: “Post-pandemic, the introduction of working from home has changed workplace patterns and reduced the number of vehicles on the road.” press release. “However, in recent years, driver inattention and dangerous driving habits have become more of a problem, resulting in worsening car severity.”
A variety of factors can affect your auto insurance rates, from your credit score to your driving habits. Choosing the best provider is a proven way for drivers to reduce their auto insurance costs. Visit Credible to talk to a car insurance expert Please answer the questions.
Homeowners insurance premiums are rising primarily due to an increase in natural disasters
Have a finance-related question but don't know who to ask? Email it to your trusted money expert. Moneyexpert@credible.com Your questions may be answered in Credible's Money Expert column.
