Gas Prices Drop as Demand and Oil Costs Fall: AAA Predicts Further Decrease Before Hurricane Season

Gas prices have decreased this week due to a drop in demand for fuel and falling oil costs, according to data from the Energy Information Administration (EIA). The average price of a gallon of gas has declined by two cents nationwide, reaching $3.65 per gallon. Gas demand dropped from 8.66 million barrels per day to 8.42 million last week as oil prices decreased by 55 cents and settled at $82.81 per barrel of oil on Friday, says Andrew Gross from AAA who noted that lower gas consumption could push fuel costs down even further before hurricane season kicks in this summer. Meanwhile, auto insurance providers can also help motorists cut expenses related to owning a car by offering cheaper premiums; interested individuals may compare quotes at Credible without affecting their credit score. High borrowing rates have made consumers hesitant about purchasing cars due to the high costs associated with new and used vehicles alike – 7.1% for financing new cars and an average of 11.7% APR for second-hand automobiles in Q1 2024, as revealed by a recent report from Edmunds – resulting in persistently elevated interest rates hampering market growth despite compelling product launches, returning incentives, and rising inventory levels in the new vehicle sector. If you have any finance-related queries that need answering, email The Credible Money Expert at moneyexpert@credible.com for potential inclusion in our column.