Gas prices remain stagnant as demand drops: AAA
Last Updated on January 27, 2024 by Admin
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Gas prices remain virtually unchanged since last week. (iStock)
Over the weekend, gas prices dropped to an average of $3.07 per gallon, but have since evened out to an average of $3.10 per gallon, according to a AAA report.
This average price is just one cent higher than last week’s average and two cents less than last month. Gas prices remain stagnant, likely due to low demand caused by the winter season and slightly higher oil prices, AAA explains.
“Like watching dogs play chess, not much is happening,” AAA spokesperson Andrew Gross said. “The national average for gas will likely maintain a glacial grind higher for the immediate future.”
Compared to a year ago at this time, national average gas prices are more affordable, down by 38 cents per gallon.
To save on another major auto cost, it may be time to check your auto insurance rates. Comparing multiple insurance quotes can potentially save you hundreds of dollars per year. You can visit Credible now to compare quotes free of charge.
These states have seen the largest gas price changes
Some states see larger swings in gas prices than others. These states saw the most significant change in gas prices this week:
- Florida (+14 cents)
- Washington, DC (+14 cents)
- Utah (-12 cents)
- Delaware (+10 cents)
- Idaho (-9 cents)
- Tennessee (+8 cents)
- Kentucky (-8 cents)
- Texas (+7 cents)
- Indiana (-7 cents)
- Arizona (+6 cents)
As for the more affordable markets, more rural states tend to have lower gas prices. These are the 10 more affordable states and their corresponding average gas price:
- Missouri ($2.63)
- Utah ($2.63)
- Oklahoma ($2.65)
- Kansas ($2.66)
- Wyoming ($2.66)
- Arkansas ($2.67)
- Colorado ($2.68)
- Mississippi ($2.69)
- Texas ($2.75)
- Wisconsin ($2.76)
While you may not be able to save on gas in every state, you could be leaving money on the table if you haven’t compared auto insurance rates in a while. With Credible, you can compare multiple rates and lenders with the click of a button.
NEW CAR PURCHASES ARE ON THE RISE, BUT THERE ARE INSURANCE IMPLICATIONS
Many Americans saw insurance premiums increase last year, likely will again in 2024
Although gas prices remain affordable compared to last year, insurance premiums are skyrocketing around the country. Nearly 62% of Americans saw their car insurance rates rise in 2023, an Insurify study reported.
Among the many rising costs Americans face, car insurance rates are one of the steeper spikes. Rates increased 638% more than average wages increased in 2023, Insurify found. The average full-coverage policy last year was over $2,000 per year while the state-minimum liability insurance went up $1,154 per year.
And auto insurance rates in 2024 aren’t set to drop. Instead, drivers are likely to see an average increase of 12.6%, ValuePenguin reported in a recent release. This is a larger increase than most drivers saw last year when rates rose by 11.2%.
Some drivers deal with higher premiums depending on where they live. Certain states have higher rates due to a larger number of thefts or natural disasters, resulting in higher claims and payouts.
Due to the Personal Injury Protection (PIP) coverage requirements, Michigan drivers pay the highest monthly premiums at $386 per month on average. This is 134% higher than the national average rate.
Florida and Nevada come in second and third behind Michigan. Florida drivers pay an average of $249 per month while Nevada residents pay $247 per month on average. This is 51% and 50% higher than the national average, respectively.
The most affordable state for drivers is Maine, with an average monthly premium of $92 per month. New Hampshire is a close second with premiums averaging $96 per month, according to the Insurify study.
Car insurance rates vary based on a number of factors, including your credit, driving habits and the insurance company. Use a tool like Credible to shop around and potentially lower your car insurance premium.
NUMBER OF ELECTRIC VEHICLES THAT QUALIFY FOR NEW ELECTRIC VEHICLE TAX CREDIT DROPS TO 13
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
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