Gas prices have increased due to increased demand and higher oil prices. (iStock)
As spring approaches, Americans are paying more at the pump. The national average gas price for the week ending March 7 rose to $3.39, up 8 cents from last week. AAA reported.
“Spring is on the way, with longer days, warmer weather and more opportunities to get outside,” said AAA spokesman Andrew Gross. “And we’re seeing this reflected in increased gasoline demand. But let’s not forget that we see this trend every year.”
Gas demand jumped from 8.47 million barrels per day to 9.01 million barrels per day last week, according to Energy Information Administration (EIA) data. As demand increases, so does the price of oil. Crude oil accounts for about 60% of gas prices, according to AAA. A barrel of oil this week cost nearly $80, nearly $10 more than the price of a barrel a few months ago.
This week’s national average gas price is 25 cents higher than it was a month ago, and just 2 cents lower than a year ago.
To save on insurance, which is an even bigger medical expense, take the time to get car insurance quotes frequently. Credible’s auto insurance marketplace simplifies the quote process by allowing you to compare rates all in one place.
Many drivers spend more than 30% of their monthly income on car loans, and the cost of car insurance is also rising.
States where gas prices are rising fastest
These 10 states have seen the biggest increases in average gas prices since last week, according to AAA.
- Ohio (+28 cents)
- Missouri (+27 cents)
- Kansas (+23 cents)
- North Dakota (+21 cents)
- Arizona (+17 cents)
- Oklahoma (+15 cents)
- Montana (+15 cents)
- Michigan (+14 cents)
- California (+12 cents)
- Nebraska (+12 cents)
Fuel costs in 10 states exceed $3.40 per gallon. Here are the top 10 most expensive markets in the country.
- California ($4.86)
- Hawaii ($4.71)
- Washington ($4.16)
- Nevada ($4.09)
- Oregon ($3.89)
- Illinois ($3.75)
- Alaska ($3.66)
- Arizona ($3.58)
- Pennsylvania ($3.54)
- Washington DC ($3.48)
Be careful not to pay too much for car insurance. With Credible, you can compare interest rates and lenders with the click of a button.
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Auto insurance premiums continue to rise
All car-related costs are on the rise. No expense is rising faster than auto insurance premiums. Auto insurance premiums have increased by 43% over the past three years. Discovered in Jerry’s research. This is more expensive than other car ownership costs.
Certain insurance companies raise their premiums more than others. According to , Farmers Insurance recently implemented rate hikes in 43 states that averaged 17.6%. S&P Global Data. Nebraska has been hit hardest by higher interest rates from farmers. A weighted average increase of 30.4% was established across the states.
Comparing multiple auto insurance quotes every few months can save you hundreds of dollars a year. Visit Credible today to compare quotes for free and see if you can save.
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