Gas prices on the ascent ahead of Christmas: AAA

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The national average price of gas rose to $3.12 for the week ending December 18, an increase of two cents from last week, according to the latest report by AAA. This indicates the first weekly uptick since September. On average, pump prices are 17 cents less than a month ago and two cents more than a year ago. 

While traveling to holiday destinations, drivers could encounter slight fluctuations in gas prices amid the peak travel season, AAA said.   

“Yukon Cornelius knows that Bumbles bounce, and evidently, so do gas prices,” AAA spokesperson Andrew Gross said. “Daily gas prices will likely move back and forth for the next month or so. Looking back at pre-pandemic 2019, the national average did not make a firm turn to moving higher daily until Valentine’s Day, February 14.”  

The West Texas Intermediate (WTI) – an oil price benchmark – increased by 28 cents to $74.22 at the close of Wednesday’s formal trading session. Gas demand fell from 8.86 to 8.75 million barrels per day last week, according to new data from the Energy Information Administration (EIA). 

A rise in oil prices occurred this week due to attacks on tankers in the Red Sea, AAA noted. 

One way to take control of car ownership costs is by making sure you are paying for the insurance you need. Shopping around for new auto insurance could help lower your costs. The Credible marketplace can help you compare multiple providers and find your personalized rate in minutes without affecting your credit score.

AMERICANS LIVING IN THESE STATES ARE WORSE OFF FINANCIALLY: SURVEY

Brief look at average U.S. gas prices

Since last week, these 10 states have seen the largest changes in their average prices, according to AAA.

  • Florida (+16 cents)
  • Texas (+11 cents)
  • Idaho (-10 cents)
  • Delaware (+9 cents)
  • South Carolina (+9 cents)
  • Illinois (-9 cents)
  • Nevada (-8 cents)
  • California (-8 cents)
  • Colorado (+7 cents)
  • West Virginia (-7 cents)

Fuel costs in ten states are above $3.20 a gallon. Here are the nation’s 10 least affordable markets.

  • Hawaii ($4.68)
  • California ($4.57)
  • Washington ($4.17)
  • Nevada ($3.89)
  • Oregon ($3.82)
  • Alaska ($3.72)
  • Pennsylvania ($3.43)
  • New York (3.39)
  • Vermont ($3.33)
  • Idaho ($3.28)

If you’re seeking to reduce your car insurance expenses, you can take steps to reduce your auto insurance payments. Using a marketplace like Credible lets you compare multiple providers and find your personalized rate in minutes without affecting your credit score.

NEW CONSTRUCTION HOMES POPULAR AMONG MILLENNIALS DESPITE HIGH HOUSING COSTS

Car insurance expenses will continue rising next year, Jerry study says 

Car insurance rates have surged by an unprecedented 20% in 2023 and are expected to continue causing financial strain in the New Year, according to a recent study. 

In response to considerable losses from a spike in severe accidents and more than two years of heightened inflation, insurers have raised premiums to offset historically poor underwriting results. With little indication that the upward trend is coming to an end, auto insurers are still in the process of seeking regulatory approval for additional rate hikes, according to the Jerry study. 

From April 2021, auto insurance has experienced a 35% increase, reaching an annual rate of 19.2% in October, the most rapid escalation since at least 1985, the study said. 

“There is no sign that insurers are done with steep rate increases as they seek to catch up to the soaring costs they’ve faced in recent years,” Henry Hoenig, Jerry’s data journalist and study’s author, said. “That spells more pain for American drivers.”

Various factors can impact your car insurance rate – from your credit score to your driving habits. Shopping for the best provider is a time-tested way for drivers to help reduce their car insurance costs. Visit Credible to speak with a car insurance expert and get your questions answered.

THESE ARE THE MOST AFFORDABLE CITIES TO BUY A HOME IN 2024: REALTOR.COM

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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