In June, gas prices were at an all-time high, surpassing $5 per gallon for the first time since AAA began tracking prices in 2000.
The cost of a barrel of oil hit more than $120 in June, almost double the price from August last year, according to AAA. Oil demand continued to outpace the tight global supply.
The summer driving season has ramped up, and gasoline in the U.S. has become more in demand. The national average gas price in June went up by 58 cents from May, an all-time high.
According to AAA spokesperson Andrew Gross, high prices have not really deterred drivers based on the demand we are seeing. If prices stay above $5, we may see people change their daily driving habits or lifestyle, but it hasn't happened yet. If you are looking to reduce your auto insurance payments due to rising gas prices, you can take steps to reduce your auto insurance payments. The marketplace like Credible allows you to compare multiple providers and find your personalized rate in a matter of minutes without affecting your credit score.
Demand for gas has continued to grow despite rising prices, according to AAA. It's reached 9.2 million barrels per day, as drivers head into the summer months.
The rising prices at the pump is a result of a dynamic between decreased supply and increased demand, according to AAA. This means that the price of gas will likely stay high for the near future, due to increasing crude oil prices. One company is doing what it can to lower the cost of another product, donuts, because of the surge in gas prices. The national donut chain, Krispy Kreme, has announced it will lower the cost of a dozen glazed donuts every Wednesday through the summer to match the national average price for a gallon of gas reported by AAA each Monday. The average cost for a dozen glazed donuts is around $12.
If you are struggling with rising gas prices and want to save money, you could consider lowering your auto insurance premium. You can compare and choose multiple car insurance providers at once and choose the one with the best rates from Credible.
How can I save on auto costs?
There are several steps drivers can take to reduce their auto expenses, as the cost of driving continues to rise. By buying a used car, rather than a new one, drivers can save money by buying a used car, and not just the initial cost of the vehicle. They could save money by saving on insurance costs. Auto insurance premiums decrease by about 3% for each year the vehicle ages, according to a study.
A clean driving record with no tickets or at-fault accidents will help drivers get better average car insurance rates. While violations will fall off a driver's record after a certain period of time, they can take proactive steps to help clear it, such as taking a driver's safety course.
Different insurance companies will give discounts for different reasons. For example, teen drivers can get a discount for having good grades. If you combine your insurance type with another insurance type, such as homeowner's insurance, you can get better rates.
If you're shopping for new car insurance, you can compare quotes from multiple companies at once and find the best deal for you.
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