Drivers took a little break at the pumps this week. (iStock)
Drivers took a break this week as fuel prices fell just before the official start of the summer driving season, according to the latest AAA. report.
The national average cost of a gallon of gasoline fell to $3.64, down just 3 cents from the previous week. The decline comes as oil prices remain below $80 per barrel and gas demand remains stable.
AAA said weak demand, increased supply and lower oil prices could lead to lower pump prices heading into Memorial Day weekend, when the summer driving season officially begins.
“The current news cycle is packed, so it will be a welcome relief that gas prices will not be taken into account,” said AAA spokesman Andrew Gross. “Most consumers are probably seeing little change in pump prices right now. This is important because AAA will release its Memorial Day travel forecast on May 13th, and It could be a solid weekend for travel.”
If you want to reduce your overall car costs, consider switching car insurance companies. When you visit Credible, you can compare quotes from different companies without affecting your credit score.
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These states paid the most for gas.
Gas prices for motorists vary across the country, with some states averaging higher prices than others. The 10 states with the most price fluctuations are:
- Indiana (+13 cents)
- Florida (-12 cents)
- Ohio (+9 cents)
- Delaware (-8 cents)
- New Mexico (-7 cents)
- Maryland (-7 cents)
- Utah (-7 cents)
- Tennessee (-6 cents)
- Nevada (-6 cents)
- Texas (-6 cents)
These 10 states had the most expensive gasoline
- California ($5.31)
- Hawaii ($4.81)
- Washington ($4.65)
- Nevada ($4.49)
- Oregon ($4.44)
- Alaska ($4.39)
- Arizona ($3.99)
- Illinois ($3.93)
- Idaho ($3.86)
- Utah ($3.83)
Getting cheaper auto insurance is another way drivers can reduce the cost of car ownership. If you want to save money on your car, consider changing your car insurance company. Visit Credible to find the premium that’s right for you without affecting your credit score.
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Car insurance premiums will not be reduced
Lower gas prices should come as welcome relief to motorists dealing with rising costs in other areas of the economy.
In particular, car insurance premiums continue to rise. According to a recent study, a driver will pay an average of $1,841 for his car insurance in 2023, which is a 5% increase from the previous year. report From zebra. This comes after a 15% increase from 2022 to 2023. Unfortunately, the report says more of the same is likely to happen in 2024.
Insurance premiums are rising in tandem with auto insurance losses and costs. In 2022, these costs have soared to more than $1.12 for every dollar of premium, according to the Property Casualty Insurance Association of America. investigation.
APCIA said, “Over the past five years, prices for auto parts, used cars and trucks have increased by nearly 40%, and vehicle repair costs have increased by more than 20%.” “Other major cost drivers include an increase in vehicle thefts and more complex and expensive repairs due to the increasingly sophisticated technology in today’s vehicles.”
Drivers can take proactive steps to reduce their insurance costs by following these tips.
- Contact your insurance company or agent to review your insurance policy.
- Check out other insurance companies to see if one is a better fit in terms of coverage and cost.
- Increase your deductible and reduce non-essential coverage like glass, rental cars, and roadside assistance.
- If you don’t drive often, consider purchasing pay-as-you-go insurance.
- Ask your insurance company if they offer billing discounts or other discount programs.
One way to lower the overall cost of owning a car is to buy cheaper car insurance, which can lower your monthly premiums. Visit Credible to compare options without affecting your credit score.
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