ATTENTION! You are using Internet Explorer 8 or older, which we will not be supporting after April 14, 2015.
We strongly encourage you to upgrade your browser to a newer version by following these simple steps.
Gas prices reach lowest level in year

Gas prices reach lowest level in year


More drivers may have extra change in their pockets, which could help them better afford other aspects of owning a vehicle, such as repairs or a better car insurance policy.

The average gas price on Oct. 28 was $3.28 per gallon nationwide, according to a report from AAA. This was the lowest national average recorded for the entire year. This level was $0.07 less than the same time during the previous week, as well as $0.13 less than a month earlier. One year ago, the figure was more than $0.25 cheaper per gallon.

Prices declined markedly during the past couple of months, as the figure on Sept. 1 was $3.59 per gallon, the report explained. That made for a decline of $0.31.

These drops were due to many factors, including a lack of gasoline demand, unlike the summer months, the report noted. There also are crude oil prices that are on the way down, while more gasoline is being switched to a winter blend, which is typically less expensive.

Some southern states experienced low prices for gasoline, as well. Texas was the second-cheapest state for gas, as it was $3.05 per gallon, the report said. Louisiana was sixth with $3.10 per gallon, while Mississippi was also $3.10 per gallon.

Car sales become more popular in October
While some drivers may be experiencing less of a strain at the pump, it is also possible they are looking at new vehicles and auto insurance policies that will save them money in the long-run.

New vehicle sales totaled approximately 1.22 million units during October, a projection from Edmunds.com noted. This was 8.2 percent higher than in September, while it was also 12.7 percent improved from October of last year.

"It looks like the government shutdown ended just in the nick of time," said Jessica Caldwell, senior analyst at Edmunds.com. "The week-by-week data suggests that consumers started to get jittery by the middle of the month. But with the government back to work, most lost sales should be made up in the latter half of the month, and the industry's momentum will continue the pace it enjoyed before the disruption in Washington."

This could bring the rate of sales to 13 million units in October, the report added. Used cars may also experience a positive month as this could reach more than 3 million units.



 
Get Your
Quote



or retrieve an online quote
Find a store

Get Your
Quote
or retrieve an online quote

We’re more than just great insurance. Follow us for some pleasant surprises.
Connect with us on Facebook Connect with us on Twitter Connect with us on YouTube Connect with us on Instagram
©2016 Direct General