March 4, 2024

Gas and oil prices are on the rise as warm weather brings more demand


Gas prices are up eight cents since final month.  (iStock)

With hotter weather on the horizon, fuel prices have began their normal pattern upward. Prices rose to $3.15 final week, AAA reported.

This week’s prices had been eight cents increased than this time final month, however 29 cents decrease than final yr.

“It feels like being in a car with a cold battery, cranking away yet slow to turn over,” AAA spokesperson Andrew Gross stated. “But gas prices will likely start increasing around Valentine’s Day.”

Higher prices are largely attributable to a rise in demand as spring inches nearer. Gas demand elevated from 8.14 to eight.81 million barrels per day, information from the Energy Information Administration (EIA) confirmed.

A decrease oil provide can be contributing to the gradual rise in worth, in accordance with AAA. Oil prices are additionally up from final week at $73.86 per barrel, the EIA reported.

You might not be capable to management fuel prices, however you’ll be able to management different car-related bills. Lowering your auto insurance coverage premiums can assist you save every month. Car insurance coverage charges differ primarily based on quite a few elements, together with your credit score, driving habits and the insurance coverage firm. Use a tool like Credible to shop around and lower your car insurance premium today.

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Some states noticed bigger fuel worth adjustments than others

Gas prices fluctuated throughout the nation, with sure states seeing bigger worth hikes than others. Here are the states that noticed the largest change in fuel prices final week:

  • Missouri (+22 cents)
  • Wisconsin (+16 cents)
  • Kentucky (+15 cents)
  • Utah (+13 cents)
  • Illinois (+10 cents)
  • Florida (−10 cents)
  • New Mexico (−7 cents)
  • Ohio (+6 cents)
  • Michigan (+5 cents)
  • Arizona (+5 cents)

The most inexpensive markets for fuel embrace:

  • Oklahoma ($2.67)
  • Wyoming ($2.69)
  • Colorado ($2.72)
  • Kansas ($2.74)
  • Mississippi ($2.75)
  • Arkansas ($2.75)
  • Missouri ($2.79)
  • South Dakota ($2.81)
  • Texas ($2.82)
  • North Dakota ($2.82)

Comparing a number of insurance coverage quotes can probably prevent a whole bunch of {dollars} per yr. Visit Credible now to compare quotes free of charge from a number of suppliers without delay.

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Spring probably brings increased fuel prices

Most years, fuel prices go up as quickly as spring hits. More drivers are on the street and touring in hotter seasons, so demand rises. Since oil corporations rush to maintain up with this demand, the value of fuel tends to rise when demand rises.

Over the final 14 years, fuel prices have gone up, with the common rise in worth hovering round 10 cents per gallon.

“I expect any modest and temporary drops in prices will be replaced by pricier gasoline as we get closer to the start of spring,” stated Patrick De Haan, GasBuddy head of petroleum evaluation.

To get monetary savings this spring, evaluate auto insurance coverage quotes at this time and see in the event you qualify for a decrease charge. Credible’s car insurance marketplace simplifies this shopping process, permitting you to match a number of charges multi functional place.

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Have a finance-related query, however do not know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your query is likely to be answered by Credible in our Money Expert column.



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