As of the week ending December 7, the national average for a gallon of gas resumed its downward trend, offering potential savings for drivers if oil prices remain low. The average gas price dipped to $3.20, marking a four-cent drop from the previous week. This average is 20 cents less than a month ago and 15 cents less than a year ago, according to AAA.
Historically, crude oil tends to drop nearly 30% from late September into early winter, with gasoline prices following suit, noted AAA spokesperson Andrew Gross. Over half of all US fuel locations have gasoline priced below $3 per gallon, and AAA suggests that by the end of the year, the national average may dip that low as well.
The West Texas Intermediate (WTI), a benchmark for oil prices, decreased by $2.94 to $69.38. Gas demand increased from 8.21 to 8.47 million barrels per day last week, according to the Energy Information Administration (EIA). The drop in oil prices on Wednesday was attributed to market concerns about continued lackluster demand pushing supply up while prices slide through the remainder of 2023.
One way for drivers to reduce car ownership expenses is by shopping for cheaper auto insurance to lower monthly premiums. Online marketplaces like Credible allow users to compare options without affecting their credit score.
Gas Price Trends by State
Since last week, the following 10 states have seen the largest decreases in their average gas prices, according to AAA:
- Idaho: -10 cents
- Oregon: -9 cents
- Alaska: -8 cents
- Washington: -7 cents
- Utah: -7 cents
- Colorado: -6 cents
- Nevada: -6 cents
- Arizona: -6 cents
- Wyoming: -6 cents
- New Mexico: -5 cents
Fuel costs in ten states are below $2.90 a gallon.
Winter Vehicle Preparation
As colder weather approaches, it’s an opportune moment to get vehicles ready for snow and ice. GasBuddy recommends three budget-friendly approaches:
- Thorough Inspection: Check and upgrade items like windshield wiper blades, ice scraper, car battery, and wiper fluid. Ensure all components are functioning properly.
- Tire Care: Choose tires appropriate for the weather with good tread. Consider investing in snow tires if you live in an area with persistent snow. Monitor tire pressure to ensure proper inflation.
- Checkup Before Winter Road Trip: Conduct a thorough checkup for your vehicle before embarking on a planned winter road trip.
Various factors can impact car insurance rates, from credit scores to driving habits. Shopping for the best provider is a way for drivers to potentially reduce car insurance costs. Using online platforms like Credible provides an opportunity to speak with car insurance experts and get personalized rate quotes.
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