Gas prices drop ahead of Labor Day weekend: AAA
Gas prices decreased four cents from last week: AAA (iStock)
The average price for a gallon of gas decreased to $3.83, a four cent drop from last week, according to the latest data by AAA. The drop in prices came despite an increase in gas demand.
"Although the national average did a U-turn this week, the road ahead could lead to higher prices," AAA spokesperson Andrew Gross said. "Ongoing concerns regarding potential storm activity could hinder falling pump prices this fall."
Gas demand spiked from 8.85 to 8.91 million barrels a day the previous week according to the Energy Information Administration (EIA). At the same time, total domestic gasoline stocks jumped from 216.2 to 217.6 million barrels a day. Despite the increase in demand, growing stock levels contributed to pushing prices lower, AAA reported.
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Gas prices by state
Although average national gas prices fell this week, some states saw significant drops in their price. Here are the 10 states that have seen the largest decreases in their averages.
- Indiana (−13 cents)
- Iowa (−11 cents)
- Florida (−10 cents)
- Wisconsin (−10 cents)
- Michigan (−10 cents)
- Ohio (−9 cents)
- Minnesota (−9 cents)
- Kentucky (−7 cents)
- Nebraska (−6 cents)
- Delaware (−6 cents)
These were the country’s top 10 most expensive markets.
- California ($5.26)
- Washington ($5.06)
- Hawaii ($4.78)
- Oregon ($4.72)
- Alaska ($4.55)
- Nevada ($4.47)
- Utah ($4.22)
- Arizona ($4.25)
- Idaho ($4.12)
- Illinois ($4.11)
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High interest rates are impacting car dealers
After vehicle sales were disrupted by supply issues, dealers are facing new issues. Car dealers are concerned about the impact of high borrowing costs, according to a recent survey by Cox Automotive.
More than half of auto dealers (55%) said the economy, and 53% said interest rates were the top concerns impacting business, according to the survey.
"Our latest dealer sentiment index clearly illustrates how the market has shifted in the past year," Cox Automotive Chief Economist Jonathan Smoke said. "The new-vehicle market’s most acute inventory issues are in the rearview mirror now. Dealers are now facing an uncertain economy and high loan rates that are keeping many would-be buyers on the sidelines."
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