Gas prices rise as spring season approaches: AAA

Spring is finally here, and that means a rise in gas prices. Gas prices rose by 11 cents on average this week, according to AAA’s weekly report. The average gas price now sits at $3.52 per gallon.

“Gas prices are a lot like seasonal temperatures,” AAA spokesperson Andrew Gross said. “They start to rise with the arrival of spring.”

Rising oil prices are to blame for the higher costs at the pump. Midwestern states are the only ones likely to see a slight decrease in prices now that the BP Whiting oil refinery in Indiana is back in business after being shut down since February.

“And the national average for gas is now higher than a year ago, which we have not seen since late December,” Gross said. 

Today’s national average of $3.52 is nine cents more than a year ago at this time. It’s also 25 cents more than a month ago.

Although prices are higher, gas demand is actually down slightly. According to data from the Energy Information Administration, demand decreased from 9.04 barrels per day to 8.81 million barrels per day last week.

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

These states have seen the largest increase in gas prices

The states that have seen the largest increase in gas prices include the following 10 states:

• Illinois (+21 cents)
• Indiana (+21 cents)
• Ohio (+18 cents)
• Maryland (+17 cents)
• Minnesota (+16 cents)
• Kentucky (+16 cents)
• Alaska (+16 cents)
• Wisconsin (+16 cents)
• Nebraska (+16 cents)
• Oregon (+16 cents)

Some of these states overlap with the most expensive markets in the country. These markets include:

• California ($4.95)
• Hawaii ($4.69)
• Washington ($4.37)
• Nevada ($4.26)
• Oregon ($4.14)
• Alaska ($3.92)
• Illinois ($3.91)
• Arizona ($3.73)
• Washington, D.C. ($3.63)
• Michigan ($3.60)

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CAR INSURANCE COSTS TO KEEP RISING IN 2024 – PAY LESS IN THESE US STATES

Biden Administration announces final rule set to help electric and hybrid car expansion

In the ever changing world of electric vehicles, the Biden Administration finalized a rule that intends to encourage consumers to buy electric and hybrid vehicles.

The rule will slowly limit the amount of pollution allowed from vehicle tailpipes. By 2032, more than half of new cars sold would need to be emission-free to meet this new standard. This final ruling will help avoid billions of tons of CO2 emissions through 2055.

“With transportation as the largest source of U.S. climate emissions, these strongest-ever pollution standards for cars solidify America’s leadership in building a clean transportation future and creating good-paying American jobs,” EPA Administrator Michael Regan said in the press release.

“The standards will slash over 7 billion tons of climate pollution, improve air quality in overburdened communities, and give drivers more clean vehicle choices while saving them money,” Regan said.

The rule builds on the EPA’s current emissions standards for cars and light-duty trucks for models starting in 2023 through 2026.

 “Consumers have tons of choices,” said John Bozzella, Alliance for Automotive Innovation president and CEO. “But pace matters. Moderating the pace of EV adoption in 2027, 2028, 2029 and 2030 was the right call because it prioritizes more reasonable electrification targets in the next few (very critical) years of the EV transition.” 

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NUMBER OF ELECTRIC VEHICLES THAT QUALIFY FOR NEW ELECTRIC VEHICLE TAX CREDIT DROPS TO 13

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