Gasoline prices across the United States have experienced a slight dip, settling at an average of $3.80 per gallon for the week ending September 7. This minor decrease of two cents, as reported by AAA, comes at a time when the global oil market is marked by uncertainty and fluctuation.
Amidst these market shifts, Saudi Arabia maintains its voluntary 1 million barrels-a-day production cut of oil, with intentions to continue through the year’s end. In response, the West Texas Intermediate, a key oil market benchmark, surged by 85 cents, closing at $87.54 at the end of Wednesday’s formal trading session. Concurrently, according to the Energy Information Administration (EIA), domestic commercial crude inventories saw a significant drop from 422.9 to 416.6 million barrels.
AAA spokesperson Andrew Gross noted, “Pump prices appear to be defying the odds at the moment, despite a boost in the cost of oil. This uneasy balancing act may last until we get beyond hurricane season.”
Seeking Relief: Lowering Car Ownership Costs
For those seeking to mitigate the impact of rising gas prices on their overall car ownership expenses, exploring options to reduce monthly premiums for auto insurance is a wise approach. Credible offers a platform to compare various insurance options without affecting your credit score.
While national gas prices have seen a modest decline, some regions have witnessed more substantial reductions in pump prices. AAA’s analysis identifies the nation’s least expensive markets and highlights areas where average oil prices experienced the most significant fluctuations during the past week.
If you are keen on reducing the financial burden of car ownership, don’t hesitate to reach out to Credible. Their car insurance experts are available to address your inquiries and help you find cost-effective insurance solutions to ease your monthly expenses.
Rising Vehicle Maintenance Costs Take Their Toll
Beyond the volatility of gas prices, Americans are grappling with the escalating expenses associated with vehicle maintenance and repair. A recent survey conducted by Jerry reveals that vehicle repair costs have surged by nearly a third since March 2020.
Furthermore, the survey found that nine out of 10 motorists suspect they’ve been overcharged or have actually been overcharged by auto repair shops. More than half of respondents admitted to possibly paying for services they didn’t actually require. Only a mere 11% of drivers expressed confidence in never having been overcharged for auto maintenance and repair services.
Jerry’s report highlights that, despite frustrations stemming from a lack of transparency, Americans tend to rely on dealership service departments and independent auto repair shops for information on their vehicle’s maintenance needs. These sources are followed by input from friends and family, with only 28% of survey participants admitting to conducting online research, and a mere 24% referring to their vehicle’s owner’s manual.
The burdensome cost of car repairs is not just impacting people’s wallets; it’s also taking a toll on their peace of mind. Over 80% of respondents reported worrying, at least occasionally, about a sudden bill causing significant financial hardship for themselves and their families.
Jerry’s report concludes, “This can only be adding to their anxiety and frustration over the lack of pricing transparency on repair and maintenance work and the suspicion most feel toward repair shops, further souring the car ownership experience for many.”
For individuals looking to maintain affordable automobile ownership, Credible offers a solution. Explore their platform to receive a personalized insurance quote in a matter of minutes, potentially reducing your monthly premiums and easing the financial strain of car ownership.
In a constantly changing landscape of gas prices and car maintenance costs, staying informed and exploring cost-saving options remains paramount for American drivers.
Download our app MadbuMax on the Apple App Store for the latest news and financial tools. Interested in getting your finances in order do not forget to check Dr. Paul Etienne’s best-seller book on personal finance. To access more resources, tools, and services please click here. Also, do not forget to follow Dr. Etienne on IG or Twitter.