Gas prices climb higher as arctic winter weather impacts production: AAA

Gas prices edged slightly higher this week as gas production was impacted by the arctic winter weather across the nation, according to AAA.

The national average cost for a gallon of gas increased by two cents from last week to $3.09, reflecting a slowdown in refining operations and gasoline distribution, AAA said in a statement. This has resulted in some frigid regions seeing pump prices jump. While prices overall remain steady, robust demand and fluctuating oil prices could put upward pressure on what consumer pay at the pump . 

“If June and July are when we typically see the highest gas prices, then December and January are when we see the lows,” AAA spokesperson Andrew Gross said. “And this pattern is holding firm. The national average for gas will probably maintain this slow shuffle higher for the next week or two.” 

If you’re trying to lower your overall auto costs, you could consider switching auto insurance providers. You can visit Credible to compare quotes from different companies without affecting your credit score. 

STUDENT LOAN BORROWERS STRUGGLE TO KEEP UP WITH MONTHLY PAYMENTS: STUDY

Pump prices in these states hit hardest 

Not all states saw prices rise; in some states, prices took a big dip. Pump prices in these 10 states saw the most significant price changes:

• Ohio (+23 cents)
• Illinois (+18 cents)
• Indiana (+16 cents)
• Michigan (+10 cents)
• Florida (−9 cents)
• California (−9 cents)
• Arizona (−9 cents)
• Wisconsin (+8 cents)
• Kentucky (+7 cents)
• Idaho (−7 cents).

Drivers in these states paid the cheapest pump prices:

• Oklahoma ($2.60)
• Kansas ($2.64)
• Arkansas ($2.64)
• Missouri ($2.66)
• Mississippi ($2.67)
• Texas ($2.68)
• Colorado ($2.70)
• Wyoming ($2.71)
• Tennessee ($2.71)
• Iowa ($2.73)

Shopping for cheaper auto insurance is another way drivers can lower the cost of owning a car. You could consider changing your auto insurance provider if you want to save money on your auto costs. Visit Credible to find your personalized premium without affecting your credit score.

SOCIAL SECURITY: COLA INCREASING BUT MEDICARE COSTS RISING TOO IN 2024

Gas prices to drop in 2024

Gas prices steadily decreased over 2023 after reaching an average of over $5 per gallon the year prior, according to GasBuddy2024 fuel outlook. The expectation is that 2024 should bring more relief at the pump.

“Average gas prices next year could fall within the range of $3 to $3.50 per gallon for most of the country, with the national average projected to reach $3.38 per gallon,” GasBuddy said. “That represents a potential 4% drop from 2023’s average, barring any major supply disruptions or economic shocks.”

Drivers could create more savings by optimizing their vehicles for gasoline consumption. Here are some common mistakes drivers make that lower their fuel economy:

Inflate your tires properly

Keeping your tires inflated adequately can prevent car damage and improve fuel efficiency. One way to ensure you are doing this is by checking your tire pressure regularly. The U.S. Department of Energy has proven that under-inflated tires hurt your fuel consumption and for every unit of psi your tires are under pressure, you can expect a 0.2% drop in your fuel efficiency. 

Carry a lighter load

Your vehicle’s weight can also significantly affect what you pay for gas. The heavier the car, the more energy it requires to move. It can also decrease a vehicle’s rolling resistance, the force created by friction as your car’s wheels roll over the road. Lighten the load that you are carrying to help your vehicle move with less effort.  

Practice steady driving

Poor driving habits that accelerate or slow your driving suddenly can decrease your fuel efficiency by about 15% to 30% on the highway, according to the U.S. Department of Energy. More sensible driving can save drivers anywhere from $0.38 to $1.53 per gallon.

Another way to lower your overall cost of car ownership is by shopping for cheaper auto insurance to reduce your monthly premiums. Visit Credible to compare your options without affecting your credit score.

MORTGAGE LOAN LIMIT RISES ABOVE $1.1M AS HOME PRICES SURGE

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.