Finance
Americans paid slightly more for fuel this week as gas prices rose by a few cents, on average
Gas prices rose by just two cents this week even as oil prices dropped. (iStock)
Gas prices went up and down this week, but averaged two cents higher overall, AAA said in their weekly gas prices report.
The national average price for the week was $3.67 per gallon, 14 cents higher than this time last month and eight cents more than last year. This increase occurred even though demand didn’t grow by much and oil prices fell.
“From a demand perspective, we have entered the pre-Memorial Day funk,” Andrew Gross, AAA spokesperson said.
“And the cost of a barrel of oil is nearly $10 less than two weeks ago, as oil prices have fallen into the upper $70s. This may keep pump prices somewhat flat for the immediate future,” Gross said.
Gas demand rose during the week from 8.42 million barrels per day to 8.62 million barrels per day, data from the Energy Information Administration found.
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States in the South pay the least for gas
Southern drivers saved the most on gas. They paid over a dollar less per gallon, on average. There are also a few other stats throughout the country where gas prices tend to be lower. Here are the 10 least expensive markets:
- Mississippi ($3.12)
- Arkansas ($3.18)
- Oklahoma ($3.20)
- Kansas ($3.21)
- Louisiana ($3.22)
- Colorado ($3.23)
- Minnesota ($3.27)
- Missouri ($3.29)
- Alabama ($3.29)
- Texas ($3.29)
The West generally had some of the highest gas prices, largely due to more constant demand. These are the 10 most expensive gas markets:
- California ($5.37)
- Hawaii ($4.81)
- Washington ($4.69)
- Nevada ($4.56)
- Oregon ($4.49)
- Alaska ($4.39)
- Arizona ($4.03)
- Illinois ($3.94)
- Idaho ($3.91)
- Utah ($3.90)
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Auto sales are up for many automakers, particularly for electric vehicles
Many automakers saw their sales increase in April, as car prices trended down. Electric vehicles in particular are having a moment, adding substantially to sales numbers.
Toyota led the charge, with another double-digit increase in their sales numbers in April, making it the sixth straight month sales have increased. The rising number of hybrid deliveries has contributed to Toyota’s success.
Toyota’s electric sales also jumped impressively by 56%. The company sold 77,228 electric vehicles last month.
Honda also came in strong in April. The company’s sales hit 106,000 units, up 15.7% year-over-year. It was also the third straight month Honda sales were above 100,000 units.
Other automakers didn’t have as good of a month. Kia sold 65,754 units last month, a 3.6% drop. April was the fifth month in a row the company’s sales declined.
Ford and Hyundai had slightly lower sales compared to their competitors, but their electric vehicle and hybrid vehicle sales rose. Hyundai reported that their EV sales rose by 26% while hybrids rose by 29%. Ford’s three EVs rose a combined 129% to 8,019 sales.
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Money manager John Davi is positioning for challenges tied to President-elect Donald Trump’s tariff agenda.
Davi said he worries the new administration’s policies could be “very inflationary,” so he thinks it is important to choose investments carefully.
“Small-cap industrials make more sense than large-cap industrials,” the Astoria Portfolio Advisors CEO told CNBC’s “ETF Edge” this week.
Davi, who is also the firm’s chief investment officer, expects the red sweep will help push a pro-growth, pro-domestic policy agenda forward that will benefit small caps.
It appears Wall Street agrees so far. Since the presidential election, the Russell 2000 index, which tracks small-cap stocks, is up around 4% as of Friday’s close.
Davi, whose firm has $1.9 billion in assets under management, also likes staying domestic despite the tariff risks.
“We’re overweight the U.S. I think that’s the right playbook in the next few years until the midterms,” added Davi. “We have two years of where he [Trump] can control a lot of the narrative.”
But Davi plans to stay away from fixed income due to challenges tied to the growing budget deficit.
“Be careful if you own bonds for sure,” said Davi.
Since the election, the benchmark 10-year Treasury yield is up 3% as of Friday’s close.
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