Finance
Gas prices crept up this week, but not by much as oil prices fell
The average price for a gallon of gas was $3.67 this week. (iStock)
The average price Americans pay at the pump increased this past week, but by just four cents, AAA reported. Drivers paid an average of $3.67 a gallon, 21 cents more than this time last year.
Prices increased slightly due to a small jump in demand. Data from the Energy Information Administration (EIA) found that gas demand rose from 8.61 to 8.66 million barrels per day last week.
Oil prices decreased, helping to ensure prices didn’t spike too high. Within the last few weeks, tensions in the Middle East have driven oil prices up, but this week, the cost of a barrel decreased into the low $80s.
“The situation overseas with war in both the Middle East and Ukraine has the oil market on edge,” Andrew Gross, AAA spokesperson said.
“But this is also the time of year we may see a bit of a lull in gasoline demand between the end of spring breaks and ahead of Memorial Day. So, the national average for gas may waffle a bit with small increases, some flat days, and even some price dips,” Gross said.
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The ten least and most expensive markets
Gas prices fluctuate throughout the country. These 10 states have the least expensive prices:
- Mississippi ($3.11)
- Colorado ($3.16)
- Louisiana ($3.18)
- Oklahoma ($3.22)
- Arkansas ($3.23)
- New Mexico ($3.26)
- Tennessee ($3.26)
- Kansas ($3.26)
- Alabama ($3.27)
- South Carolina ($3.27)
At the other end of the spectrum, these are the states with the highest gas prices:
- California ($5.45)
- Hawaii ($4.78)
- Washington ($4.67)
- Nevada ($4.63)
- Oregon ($4.44)
- Alaska ($4.37)
- Arizona ($3.13)
- Utah ($3.96)
- Illinois ($3.96)
- Idaho ($3.93)
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Used and new vehicle prices are down
Car prices are still high, but both new and used vehicle prices have dropped in the last few months. Wholesale prices for used vehicles decreased by 1.9% during the first half of April, Cox Automotive reported.
The Manheim Used Vehicle Value index, which tracks the price of used cars, fell by 13.7% to 199.2. This index hasn’t fallen below 200 since March 2021, so it appears the effects of the pandemic had on the auto industry are starting to wear off.
Buyers looking to buy brand-new vehicles will find slightly lower prices at the dealerships. The average cost of a new car is $47,244, which is higher than in February 2021, but lower than January of this year, Kelley Blue Book reported.
“While everyone may applaud that prices are coming down, even marginally for the moment, affordability is still challenging the market,” Erin Keating, an executive analyst for Cox Automotive said.
“Most shoppers have not seen their incomes increase as quickly as vehicle prices, so the new-vehicle market remains a challenge,” Keating stated.
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JPMorgan Chase CEO Jamie Dimon said Wednesday the looming tariffs that President Donald Trump is expected to slap on U.S. trading partners could be viewed positively.
Despite fears that the duties could spark a global trade war and reignite inflation domestically, the head of the largest U.S. bank by assets said they could protect American interests and bring trading partners back to the table for better deals for the country, if used correctly.
“If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon told CNBC’s Andrew Ross Sorkin during an interview at the World Economic Forum in Davos. “National security trumps a little bit more inflation.”
Since taking office Monday, Trump has been saber-rattling on tariffs, threatening Monday to impose levies on Mexico and Canada, then expanding the scope Tuesday to China and the European Union. The president told reporters that the EU is treating the U.S. “very, very badly” due to its large annual trade surplus. The U.S. last year ran a $214 billion deficit with the EU through November 2024.
Among the considerations are a 10% tariff on China and 25% on Canada and Mexico as the U.S. looks forward to a review on the tri-party agreement Trump negotiated during his first term. The U.S.-Mexico-Canada Trade Agreement is up for review in July 2026.
Dimon did not get into the details of Trump’s plans, but said it depends on how the duties are implemented. Trump has indicated the tariffs could take effect Feb. 1.
“I look at tariffs, they’re an economic tool, That’s it,” Dimon said. “They’re an economic weapon, depending on how you use it, why you use it, stuff like that. Tariffs are inflationary and not inflationary.”
Trump leveled broad-based tariffs during his first term, during which inflation ran below 2.5% each year. Despite the looming tariff threat, the U.S. dollar has drifted lower this week.
“Tariffs can change the dollar, but the most important thing is growth,” Dimon said.
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