Gas prices dip, could drop more ahead of Thanksgiving week: AAA
Motorists brace for ‘the most expensive Thanksgiving Day prices on record,’ GasBuddy says
Drivers in the Midwest saw the biggest drop in gas prices last week as more stable oil prices helped balance the market, according to reports. (iStock)
Americans weighing the cost of gas against holiday travel plans may be persuaded to hit the road this Thanksgiving after a slight decrease in prices and another potential drop in the coming days, according to AAA.
Gas prices dipped to $3.77 last week, three cents less than the week before. More stable oil prices, which have fluctuated "in a narrow price range of $85 to $92 a barrel for several weeks," were the main cause of the drop, AAA said. And prices could fall further as the nation gears up for Thanksgiving week, according to AAA.
"While the national average has barely budged, there are now about 13 states with some stations selling gas below $3 a gallon," Andrew Gross, a AAA spokesperson, said. "More gas stations could follow, which may be a big help with road trip budgeting as Thanksgiving approaches."
If you want to save money on your auto costs, you could consider changing your auto insurance provider to get a lower monthly rate. You can visit Credible to shop around and compare rates to find your personalized premium without affecting your credit score.
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Americans brace for ‘most expensive’ Thanksgiving gas prices: GasBuddy
Motorists in the Great Lakes states saw the biggest decline last week, where prices fell by 15 to 25 cents per gallon, according to GasBuddy. The drop was partly due "to an improvement in the refining situation."
However, fluctuating oil prices could cause drivers to pay significantly more this holiday season than they did last year. Gas prices are 36 cents higher than a year ago, according to GasBuddy.
"With oil prices remaining volatile, the outlook is murky, but I'm hopeful in the lead up to Thanksgiving we'll see prices declining in more states, while others may not be quite as lucky," Patrick De Haan, head of petroleum analysis at GasBuddy, said. "Regardless, we'll still be seeing the most expensive Thanksgiving Day prices on record."
If you are shopping around for new auto insurance, you can use the Credible marketplace to compare multiple providers and find your personalized rate in minutes without affecting your credit score.
Gas prices expected to increase, survey says
Americans expect gas prices to increase by 4.8% over the next year, up from 0.5% in September, according to a recent survey from the Federal Reserve Bank of New York.
October's Consumer Price Index (CPI), a measure of inflation, rose 7.7% year-over-year, a slowdown from the 8.2% increase in September.
However, gas prices – which in previous months had helped offset price increases in other areas of the economy – rose 4.0% in October, after decreasing 4.9% the month before, according to the latest report from the Bureau of Labor Statistics (BLS).
If you are looking to save amid high gas prices, you could consider switching your auto insurance provider to find a lower rate. You can visit Credible to compare multiple car insurance quotes at once and choose the best option for you.
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