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Less demand and stagnant oil prices has led to lower gas prices for drivers

Gas prices are down 2 cents since last week. (iStock)

Good news for spring and summer travelers: gas prices continued to trend downwards this week, averaging $3.46 per gallon. Reported by AAAThat’s down 2 cents from last week and 15 cents from last month.

Weak demand and an excess of gas are the two main factors behind the price decline. Oil demand rose slightly last week from 8.94 million barrels per day to 9.04 million barrels per day, according to data from the Energy Information Administration (EIA).

“Gasoline demand has been below 2023 levels for much of this year, and analysts believe economic uncertainty could suppress demand this summer,” said AAA spokesman Andrew Gross. “So is the normally active summer driving season a thing of the past? Or is gasoline demand just taking longer to recover? We may not know until the fall.”

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The 10 states with the biggest changes in gasoline prices

Ten states have seen bigger changes in gas prices than others since last week. Here are the states with the biggest changes, both positive and negative:

  • Ohio (+17 cents)
  • California (-10 cents)
  • Nevada (-10 cents)
  • Alaska (-10 cents)
  • Michigan (+9 cents)
  • Illinois (-9)
  • Indiana (+9)
  • Florida (-8)
  • Washington (-7 cents)
  • Utah (-7 cents)

There are several states where residents pay less than $3 for gas at the pump, and others where it’s a bit more. Here are the cheapest markets:

  • Mississippi ($2.93)
  • Arkansas ($2.95)
  • Oklahoma ($3.01)
  • Louisiana ($3.01)
  • Texas ($3.02)
  • Kansas ($3.02)
  • Tennessee ($3.03)
  • Missouri ($3.05)
  • Alabama ($3.08)
  • South Carolina ($3.11)

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Many drivers want speed protection technology in new cars

While not all automotive technology is welcomed by drivers, more than 60% of drivers said they would be open to speed prevention technology being added to new cars. investigation From the Insurance Institute for Highway Safety.

As explained in the study, speed prevention technology involves providing audio and visual warnings if a driver exceeds the posted speed limit.

“These survey results are exciting because they show that American drivers are willing to change the way they drive to make our roads safer,” said IIHS Chairman David Harkey. “Conventional wisdom has until now dictated that speed-limiting technology would be unacceptable in our car-centric culture.”

Drivers surveyed also said they wouldn’t mind technology that would automatically limit their speed or make it harder for them to press the accelerator. With more than 12,000 speeding deaths expected in 2022, it’s not all that surprising that Americans are more willing to take preventative measures to stop themselves from speeding.

“We can’t fake this anymore [speeding] “This is an impossible problem to solve,” said Ian Regan, senior research scientist at IIHS. “With the technology we have today, we could prevent virtually all speeding and eliminate speeding tickets. Yet we seem to be moving in the opposite direction with adaptive cruise control, partially automated systems, and other systems that allow drivers to lock in their speed at 90 mph if they so choose.”

Another feature desired by over 80% of drivers surveyed is a speed limit display, which would make it easier to keep track of the speed limit, and over 70% of drivers would also like to hear a loud sound in their car when the speed limit changes.

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Do you have a finance-related question but don’t know who to ask? Email a trusted money expert email address: Your question might be answered in Credible’s Money Expert column.

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