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Gas prices drop dramatically as Thanksgiving Day approaches: reports

Motorists are in for a surprise over the holidays as gasoline prices across the country have fallen to new lows, but prices are expected to remain well above pre-pandemic averages, according to AAA. (iStock)

Motorists across the country are expected to find cheaper gasoline this week as prices continue to fall, according to reports.

Gasoline prices fell to $3.66 last week, 11 cents lower than the previous week and a sharp decline from the June high of nearly $5.02, according to AAA.

In the weeks leading up to Thanksgiving, gasoline prices fluctuated due to volatility in oil prices. Faltering gas demand and a boost from the Biden administration to support domestic oil production helped push prices down, albeit from record highs.

The price drop comes as 20% more Americans plan to hit the road this holiday season compared to last year, according to GasBuddy.

“Everyone will see relief at the pumps this week, with even bigger declines to come as oil prices fell last week to briefly trade below $80 a barrel,” said Patrick De Haan, head of petroleum analysis at GasBuddy. said in a press release. “It’s not impossible that if oil markets hold here, we could see a national average of $2.99 ​​around Christmas, certainly the gift every motorist is hoping for.

“Drivers shouldn’t be in a rush to stock up, as prices will drop almost coast to coast during the busy Thanksgiving holiday,” DeHaan continued.

If you want to save money on your car insurance costs, you can consider switching car insurance providers to get a lower monthly rate. You can visit Credible to shop and compare rates to find your personalized premium without affecting your credit score..

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Where consumers pay the most for gas: study

Despite the drop in the national average gas price, consumers are still paying more than $4 a gallon in 13 states. Two states – California and Hawaii – have the highest average gas prices at $5.45 and $5.21 respectively, according to Study of smart assets.

According to the study, drivers in the West are expected to pay the most to fill up their cars during this holiday. These states paid more for gas throughout 2022, and “residents currently allocate relatively high percentages of their incomes to spending on gas,” according to the study.

“This Thanksgiving will be about 20 cents more than a year ago, and a dollar more per gallon than in 2019 before the pandemic,” said AAA spokesman Andrew Gross. “However, we can be grateful that gas prices are moving in the right direction at the moment.”

If you’re shopping for new car insurance, you can use the Credible Marketplace to compare multiple providers and find your custom rate in minutes without affecting your credit score.

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How to save on car costs while on vacation

Although gas prices are moving in the right direction, that might not be enough for some people, according to Andrea Woroch, author and budgeting expert. This is because consumers deal with higher costs for other daily necessities and household bills, including groceries and energy, Woroch said.

For financial relief, here are three things you can do now to reduce spending on your auto bills.

Compare prices and pay less

Always compare prices. For example, consumers could download an app to help track cheaper gas prices in their area. Additionally, Woroch advises consumers to look for coupons and second-hand options for clothing, gadgets, furniture, or household items.

“All of these strategies can free up money in your budget while saving on more expensive essentials,” Woroch said.

Combine home insurance and car insurance

To have an insurance package, an insured must have more than one type of policy with the same insurance provider. Combine auto and home insurance could grant a discount to policyholders.

Install data sharing devices to earn potential discounts

Usage-based insurance allows consumers to base their premiums on how much or how safe they drive. Companies calculate this by monitoring driver behavior, either through a mobile app or through a device installed in the vehicle.

Drivers can save an average of 20% on their insurance by installing connected devices, smartphones or a mobile app from the automaker to monitor and report details about driving habits, according to political genius.

Certain insurances may offer safe driver discounts through telematics options or based on your driving record, while others offer young driver discounts. To help you find the best insurance rate for your situation, you can visit Credible to compare several providers at once and choose the right option for you.

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