Demand is expected to increase as the 4th approaches. (iStock )
Gas prices jumped to $3.50 a gallon last week as the Fourth of July holiday approached, AAA reported. Gasoline Price Weekly ReportThat’s 5 cents higher than the previous week, but 9 cents lower than last month and 6 cents lower than a year ago.
Demand fell from 9.38 million barrels per day to 8.96 million barrels per day last week, but the upcoming holidays are expected to significantly boost demand. Crude oil prices have also risen to over $80 per barrel, significantly impacting gasoline prices across the country.
“Summer got off to a slow start with weak gasoline demand last week,” said AAA spokesman Andrew Gross, “but those numbers could spike over the next 10 days with a record 60 million travelers expected to travel for the Fourth of July holiday. But will oil prices stay above $80 a barrel or fall again? Stay tuned.”
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These are the most expensive and cheapest gas markets
As prices rise, some states are having to deal with higher prices while others still have prices below $3.The following 10 states are the most expensive markets.
- California ($4.80)
- Hawaii ($4.71)
- Washington ($4.21)
- Oregon ($4.07)
- Nevada ($4.04)
- Alaska ($3.90)
- Illinois ($3.88)
- Michigan ($3.70)
- Washington DC ($3.66)
- Indiana ($3.65)
Meanwhile, the top 10 cheapest markets are:
- Mississippi ($2.91)
- Louisiana ($3.01)
- Arkansas ($3.01)
- Oklahoma ($3.08)
- Alabama ($3.09)
- Texas ($3.10)
- Kansas ($3.10)
- Tennessee ($3.12)
- Missouri ($3.12)
- South Carolina ($3.21)
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Most car buyers expect the election results to affect the economy and interest rates
The upcoming election will affect many aspects of everyday American life, including auto loan interest rates. About 66% of consumers and 82% of auto dealers expect the outcome of the election to affect interest rates. According to a Cox Automotive survey.
“If consumers believe interest rates will fall in the future or that the economy will improve or worsen after the election, they’re more likely to stay on the sidelines and wait for things to calm down,” said Vanessa Tong, senior manager of research and market intelligence at Cox Automotive.
“This new research is a reminder that elections create uncertainty, and when big-ticket purchases like cars are at stake, uncertainty is the enemy,” Tong said.
Since President Biden announced the electric vehicle mandate, many buyers are aware that his reelection could bring about even stricter mandates. Alternatively, these mandates could be rescinded if former President Trump is reelected. In general, Cox Automotive surveys show that many respondents oppose government mandates for electric vehicles.
Inflation is also a big concern, directly impacting vehicle prices and repairs. About 74% of consumers and 81% of dealers believe the election will affect inflation and its impact. If inflation continues, it could make buying a car even more expensive.
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