Motorists across the country are expected to find cheaper gasoline this week as prices continue to fall, reports said.
Gas prices fell to $3.66 last week, 11 cents less than the week before and a sharp drop from June’s peak of nearly $5.02, according to AAA.
In the weeks leading up to Thanksgiving, gas prices fluctuated due to oil price volatility. Doubting demand for gas and pressure from the Biden administration to bolster domestic oil production has helped bring prices down, albeit from record highs.
The price drop comes as 20% more Americans plan to hit the road this holiday season compared to last year, according to GasBuddy.
“Everyone will see relief at the pump this week, with more substantial declines to come as oil prices plummeted last week and briefly traded below $80 a barrel,” Patrick De Haan, chief of petroleum analysis at GasBuddy, said in a statement. . “It’s not impossible that if the oil markets hold up here, we could see a national average of $2.99 around Christmas, surely the gift every motorist hopes for.
“Drivers shouldn’t be in a hurry to fill up as prices will drop almost coast-to-coast during the busy Thanksgiving holiday,” DeHaan continued.
If you want to save money on your car expenses, consider changing your car insurance policy to get a lower monthly rate. You can visit Credible to shop around and compare rates to find your personalized premium without impacting your credit score.
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Where consumers pay the most for gas: study
Despite the decline in the national average gas price, consumers in 13 states are still paying more than $4 per gallon. Two states — California and Hawaii — have the highest average gas prices at $5.45 and $5.21, respectively, according to a Smart Asset study.
According to the study, drivers in the West will pay the most for fueling their cars this holiday. These states will have paid more for gas by 2022, and “residents currently allocate relatively high percentages of their income to gas expenses,” the study said.
“This Thanksgiving will be about 20 cents higher than a year ago, and a dollar more per gallon than pre-pandemic 2019,” said Andrew Gross, AAA spokesperson. “However, we can be thankful that gas prices are moving in the right direction for now.”
If you’re looking for a new car insurance policy, you can use the Credible marketplace to compare multiple providers and find your personalized rate in minutes without impacting your credit score.
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This way you save on car costs this holiday
While gas prices are moving in the right direction, it may not be enough for some people, according to Andrea Woroch, an author and budget expert. That’s because consumers face higher costs for other daily necessities and household bills, including groceries and energy, Woroch said.
For some financial relief, here are three things you can do right now to reduce spending on your car bills.
Compare prices and pay less
Always compare prices. For example, consumers can download an app to track cheaper gas prices in their region. In addition, Woroch advises that consumers look for coupons and second-hand options for clothing, gadgets, furniture or household items.
“All of these strategies can free up money in your budget because you save on more expensive supplies,” Woroch said.
Bundle homeowners and car insurance
To have an insurance bundle, a policyholder must have more than one type of policy with the same insurance company. Combining home and auto insurance policies can give policyholders a discount.
Install data sharing devices to earn potential discounts
With usage-based insurance, consumers’ premiums can be based on how much or how safely they drive. Companies calculate this by tracking driver behaviour, via a mobile app or a device installed in the vehicle.
Drivers can save an average of 20% on insurance by installing connected devices, smartphones or a car manufacturer’s mobile app to monitor and report details of driving behavior, according to Policygenius.
Some insurance policies offer discounts for safe drivers through telematics options or based on your driving habits, while others offer discounts for young drivers. To help you find the best insurance price for your situation, visit Credible to compare multiple providers at once and choose the right option for you.
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