Gas prices dip lower, an early present for travelers this holiday season: AAA

In ten states, the average gas prices are below $2.90 a gallon, according to AAA. (iStock)

The national average for a gallon of gas resumed its downward trend and drivers can look forward to savings at the pump if oil prices remain low.

The average price of gas dipped to $3.20 for the week ending December 7, a four-cent drop from the week prior, according to the latest report from AAA. The average price at the pump is 20 cents less than a month ago and 15 cents less than a year ago.

"Historically, crude oil tends to drop nearly 30 percent from late September into early winter with gasoline prices trailing the play," AAA spokesperson Andrew Gross said. "More than half of all US fuel locations have gasoline below $3 per gallon. By the end of the year, the national average may dip that low as well."

The West Texas Intermediate (WTI) – an oil price benchmark – decreased by $2.94 to $69.38 at the close of Wednesday’s formal trading session. Gas demand increased from 8.21 to 8.47 million barrels per day last week, according to new data from the Energy Information Administration (EIA).

Oil prices dropped on Wednesday due to market worries that lackluster demand could continue to push supply up while prices slide through the remainder of 2023, AAA noted.

One method to reduce the expenses of car ownership is by shopping for cheaper auto insurance to lower monthly premiums. Visit Credible to compare your options without affecting your credit score.

AUTO LOAN DEBT SURGING AND SO ARE MISSED PAYMENTS

Quick overview of average gas prices in U.S.

Since last week, these 10 states have seen the largest decreases in their average gas prices, according to AAA.

Colorado (-12 cents)
Utah (-11 cents)
Idaho (-11 cents)
California (-10 cents)
Florida (-10 cents)
Indiana (-10 cents)
New Mexico (-9 cents)
Arizona (-8 cents)
Kentucky (-8 cents)
Nevada (-8 cents)

Fuel costs in ten states are below $2.90 a gallon. Here are the nation’s 10 most affordable markets.

Texas ($2.68)
Mississippi ($2.72)
Oklahoma ($2.74)
Missouri ($2.75)
Louisiana ($2.75)
Arkansas ($2.78)
Kansas ($2.83)
Alabama ($2.84)
Tennessee ($2.85)
Iowa ($2.87)

If you’re seeking to reduce your car insurance expenses, you can take steps to reduce your auto insurance payments. Using a marketplace like Credible lets you compare multiple providers and find your personalized rate in minutes without affecting your credit score.

HERE’S HOW HIGH INTEREST RATES CAN HELP BUILD YOUR SAVINGS

3 inexpensive ways to get your vehicle ready for winter

With colder weather approaching, now is an opportune moment to get your vehicle ready for the snow and ice. Drivers can explore three budget-friendly approaches to best prepare for the winter roads, according to a report from GasBuddy.

Buy new accessories

Conduct a thorough inspection of your car, inside and out, to confirm that all components are functioning properly and replace where required. Begin by checking and upgrading items like windshield wiper blades, ice scraper, car battery and wiper fluid.

Make certain your tires are in good condition

Caring for your automobile involves choosing tires that are appropriate for the weather, featuring good tread. If you live in a region where snow persists during the winter months, think about investing in snow tires. Monitor tire pressure and ensure the tires are properly inflated.

"Driving on improperly inflated tires isn’t only unsafe, but can also reduce fuel efficiency, costing you more at the pump," GasBuddy said.

Get your car checked out

Get a thorough checkup for your vehicle before embarking on your planned winter road trip.

Various factors can impact your car insurance rate – from your credit score to your driving habits. Shopping for the best provider is a time-tested way for drivers to help reduce their car insurance costs. Visit Credible to speak with a car insurance expert and get your questions answered.

RECESSION OR NOT, MORTGAGE RATES TO KEEP DROPPING AND HOME SALES WILL RECOVER BY 2025: FANNIE MAE

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.