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Gas prices march upward as spring looms and demand grows: AAA
Gas prices rose in response to growing demand and higher oil prices. (iStock)
Americans are paying more at the pump as spring grows closer. The average national gas price rose to $3.39 for the week ending March 7, an increase of 8 cents from last week, AAA reported.
“Spring is nearly here, with longer days, better weather, and more opportunities to hit the road,” AAA spokesperson Andrew Gross said. “And we are seeing this reflected in rising gasoline demand. But remember, we see this trend every year.”
Data from the Energy Information Administration (EIA) found that gas demand jumped from 8.47 to 9.01 million barrels per day last week. As demand rises, the cost of oil rises as well. Crude oil accounts for about 60% of gas prices, according to AAA. The cost of a single barrel of oil was closer to $80 this week, which is nearly $10 more than barrel prices were a few months ago.
The national average gas price this week is 25 cents more than prices were a month ago, and just two cents less than they were a year ago.
To save on an even costlier care expense, insurance, take the time to grab auto insurance quotes every so often. Credible’s car insurance marketplace simplifies the quote process by allowing you to compare rates all in one place.
States with the fastest rising gas prices
Since last week, these 10 states have seen the largest increases in their average gas prices, according to AAA.
- Ohio (+28 cents)
- Missouri (+27 cents)
- Kansas (+23 cents)
- North Dakota (+21 cents)
- Arizona (+17 cents)
- Oklahoma (+15 cents)
- Montana (+15 cents)
- Michigan (+14 cents)
- California (+12 cents)
- Nebraska (+12 cents)
Fuel costs in ten states are above $3.40 a gallon. Here are the country’s top 10 most expensive markets.
- California ($4.86)
- Hawaii ($4.71)
- Washington ($4.16)
- Nevada ($4.09)
- Oregon ($3.89)
- Illinois ($3.75)
- Alaska ($3.66)
- Arizona ($3.58)
- Pennsylvania ($3.54)
- Washington, DC ($3.48)
Make sure you don’t overpay for car insurance. With Credible, you can compare rates and lenders with the click of a button.
NORTH CAROLINA’S INSURANCE RATES HIKE DENIED, RATES IN OTHER STATES STILL RISING
Auto insurance rates continue steep rise up
All auto-related costs are trending upward. No expense is rising quite as fast as auto insurance rates. Car insurance rates have risen 43% in the past three years, a Jerry study found. That’s more than any other car-ownership expense.
Specific insurance companies are raising rates more than others. Farmers Insurance recently raised rates by an average of 17.6% in 43 states, according to S&P Global data. Nebraska has been hit the hardest by rising rates from Farmers. It instituted a weighted average increase of 30.4% across the state.
Comparing multiple auto insurance quotes every few months can potentially save you hundreds of dollars per year. Visit Credible now to compare quotes free of charge to see if you can save.
CAR INSURANCE COSTS WILL CONTINUE TO INCREASE IN 2024: STUDY
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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