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Gas prices creep up amid rising oil prices due to mounting tensions between Russia and Ukraine

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7 months ago

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Gas prices rose by just three cents last week.  (iStock)

The national average gas price across the U.S. rose by just three cents last week and now sits at $3.56 per gallon, according to AAA’s weekly report.

With spring now here, gas demand is crawling up. Data from the Energy Information Administration showed that demand rose from 8.72 million barrels per day to 9.23 million barrels per day. With oil prices in the mid-$80s per barrel, gas prices are slowly creeping up.

The continued war between Russia and Ukraine and tensions in the Middle East also added to the rising cost of oil.

“Renewed Ukrainian attacks on Russia’s oil infrastructure and increasing tension in the Middle East spiked oil prices recently,” AAA Spokesperson Andrew Gross said. “And with the cost of oil accounting for roughly 60% of what we pay at the pump, there will likely be some upward pressure on prices.”    

This week’s national average is 21 cents higher than this time last month and six cents higher than last year.

If you’re looking to save on one of the biggest auto-related costs, consider shopping around for better car insurance rates. Credible’s car insurance marketplace simplifies this quote process, helping you compare rates from multiple companies all in one place.

CAR INSURANCE COSTS TO KEEP RISING IN 2024 – PAY LESS IN THESE US STATES

These states saw the highest increases in gas prices

Since last week, certain states have seen higher increases in their average gas prices than others. The 10 states that had the highest increases include:

  • Indiana (+19)
  • Arizona (+19)
  • California (+17)
  • Ohio (+15)
  • New Mexico (+15)
  • Utah (+11)
  • Alaska (+10)
  • Kentucky (+10)
  • Nevada, (+10)
  • Idaho (+9)

Some of these states overlap with the most expensive markets. The 10 states where you’ll pay the most for gas include:

  • California ($5.20)
  • Hawaii ($4.69)
  • Washington ($4.57)
  • Nevada ($4.49)
  • Oregon ($4.33)
  • Alaska ($4.18)
  • Arizona ($3.97)
  • Illinois ($3.91)
  • Utah ($3.87)
  • Idaho ($3.75)

Comparing multiple insurance quotes can potentially save you hundreds of dollars per year. Get a free quote in minutes through Credible’s partners.

DRIVERS WANT EMBEDDED INSURANCE OPTIONS WHEN THEY BUY A CAR: SURVEY

The price for new cars is finally going down

Prospective car buyers are finally catching a break. The average price for new cars declined in March 2024.

“The average new-vehicle retail transaction price is declining as manufacturer incentives rise, retailer profit margins fall and availability of lower-priced vehicles increases,” Thomas King, J.D. Power president of the data and analytics division, said in a press release.

Prices are down $1,648 and now hover around $44,186, on average, King explained. This is the largest decline in the month of March ever. With lowering prices, this means more drivers are intending to buy. Compared to March 2023, sales are projected to increase by 10.7%. Sales of new vehicles are expected to reach 1,225,000 units.

“Rising inventory means fewer vehicles are being pre-sold by retailers, with more shoppers able to buy directly off dealer lots,” King said. “This month, J.D. Power projects that 31.7% of vehicles will sell within 10 days of arriving at the dealership, down from a peak of 58% in March 2022.”

Used car prices are also down since last year. In March, used vehicle prices averaged $27,950, a 4.3% — or $1,248 — decrease, J.D. Power reported.

If you’re getting a new car, make sure you have the right insurance coverage at the right price. It’s important to compare several auto insurance companies, as well as their coverages, before deciding on a policy. Credible’s car insurance marketplace makes comparing quotes quick and painless.

NEW CAR PURCHASES ARE ON THE RISE, BUT THERE ARE INSURANCE IMPLICATIONS

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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China set to report retail sales and industrial production data for October

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16 hours ago

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November 14, 2024

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Pictured here is a Shanghai development under construction on Nov. 4, 2024.

Cfoto | Future Publishing | Getty Images

BEIJING — China’s National Bureau of Statistics is scheduled Friday to release retail sales, industrial production and fixed-asset investment data for October.

Retail sales are expected to have picked up to 3.8% year-on-year growth, according to analysts polled by Reuters, after rising by 3.2% in September.

Industrial production was forecast to have risen by 5.6%, the poll showed, up from 5.4% the prior month.

Fixed-asset investment, reported on a year-to-date basis, was anticipated to post 3.5% growth from a year ago, up from the 3.4% pace in September, according to the poll.

Chinese authorities have ramped up stimulus announcements since late September, fueling a stock rally. The central bank has cut interest rates and extended existing real estate support.

On the fiscal front, the Ministry of Finance last week announced a five-year 10 trillion yuan ($1.4 trillion) program to address local government debt problems, and hinted more fiscal support could come next year.

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Manufacturing surveys indicated a pickup in activity last month, while exports surged at their fastest pace in more than a year.

Imports, however, fell as domestic demand remained soft. The core consumer price index that strips out more volatile food and energy prices rose by 0.2% in October from a year ago, modestly better than the 0.1% increase seen in September.

Beyond a trade-in program to encourage car and home appliance sales, Beijing’s stimulus measures have not targeted consumers directly.

China’s Golden Week holiday in early October affirmed a trend in more cautious consumer spending, but several consultants said that sales during the Singles Day shopping festival, which recently ended, had beat low expectations.

The country’s gross domestic product in the first three quarters of the year grew by 4.8%. The country has set a target of around 5% growth for the year.

This is a developing story. Please check back later for updates.

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