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Gas prices march upward as spring looms and demand grows: AAA

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Americans are paying more at the pump as spring grows closer. The average national gas price rose to $3.39 for the week ending March 7, an increase of 8 cents from last week, AAA reported.

“Spring is nearly here, with longer days, better weather, and more opportunities to hit the road,” AAA spokesperson Andrew Gross said. “And we are seeing this reflected in rising gasoline demand. But remember, we see this trend every year.”

Data from the Energy Information Administration (EIA) found that gas demand jumped from 8.47 to 9.01 million barrels per day last week. As demand rises, the cost of oil rises as well. Crude oil accounts for about 60% of gas prices, according to AAA. The cost of a single barrel of oil was closer to $80 this week, which is nearly $10 more than barrel prices were a few months ago.

The national average gas price this week is 25 cents more than prices were a month ago, and just two cents less than they were a year ago.

To save on an even costlier care expense, insurance, take the time to grab auto insurance quotes every so often. Credible’s car insurance marketplace simplifies the quote process by allowing you to compare rates all in one place.

MANY DRIVERS ARE SPENDING OVER 30% OF THEIR MONTHLY INCOME ON AUTO LOANS, CAR INSURANCE COSTS ALSO RISING

States with the fastest rising gas prices

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

  • Ohio (+28 cents)
  • Missouri (+27 cents)
  • Kansas (+23 cents)
  • North Dakota (+21 cents)
  • Arizona (+17 cents)
  • Oklahoma (+15 cents)
  • Montana (+15 cents)
  • Michigan (+14 cents)
  • California (+12 cents)
  • Nebraska (+12 cents)

Fuel costs in ten states are above $3.40 a gallon. Here are the country’s top 10 most expensive markets.

  • California ($4.86)
  • Hawaii ($4.71)
  • Washington ($4.16)
  • Nevada ($4.09)
  • Oregon ($3.89)
  • Illinois ($3.75)
  • Alaska ($3.66)
  • Arizona ($3.58)
  • Pennsylvania ($3.54)
  • Washington, DC ($3.48)

Make sure you don’t overpay for car insurance. With Credible, you can compare rates and lenders with the click of a button.

NORTH CAROLINA’S INSURANCE RATES HIKE DENIED, RATES IN OTHER STATES STILL RISING

Auto insurance rates continue steep rise up

All auto-related costs are trending upward. No expense is rising quite as fast as auto insurance rates. Car insurance rates have risen 43% in the past three years, a Jerry study found. That’s more than any other car-ownership expense.

Specific insurance companies are raising rates more than others. Farmers Insurance recently raised rates by an average of 17.6% in 43 states, according to S&P Global data. Nebraska has been hit the hardest by rising rates from Farmers. It instituted a weighted average increase of 30.4% across the state.

Comparing multiple auto insurance quotes every few months can potentially save you hundreds of dollars per year. Visit Credible now to compare quotes free of charge to see if you can save.

CAR INSURANCE COSTS WILL CONTINUE TO INCREASE IN 2024: STUDY

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.

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