{"id":8052,"date":"2023-08-05T16:27:25","date_gmt":"2023-08-05T16:27:25","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/gas-prices-spike-but-could-soon-reverse-course-aaa\/"},"modified":"2023-08-05T16:27:31","modified_gmt":"2023-08-05T16:27:31","slug":"gas-prices-spike-but-could-soon-reverse-course-aaa","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8052","title":{"rendered":"Gas prices spike, but could soon reverse course: AAA"},"content":{"rendered":"
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National average gas prices increased to $3.82 per gallon for the week ending August 3, marking an 11-cent spike from last week, according to the latest data by AAA.<\/p>\n

Although gas prices continue to rise, the pace is slowing, and could soon see more relief. Prices have risen mainly due to the rising cost of oil, which was near $80 per barrel last week. However, that has since softened.\u00a0<\/p>\n

The West Texas Intermediate (WTI), a benchmark for oil prices, decreased by $1.88 to settle at $79.49 at the close of Wednesday\u2019s formal trading session.<\/p>\n

“Oil prices tumbled yesterday after the U.S. credit rating declined, increasing market fears that oil demand could decline if the economy eases,” AAA said in its report.\u00a0<\/p>\n

Gas demand decreased from 8.94 to 8.84 million barrels a day last week, according to data from the Energy Information Administration (EIA). And if oil demand drops, it could reflect a dip in gas prices. In addition, production has been stabilizing.<\/p>\n

“Last month\u2019s extreme heat played a role in the recent spike in gas prices due to some refineries pulling back, but now operations are getting back to normal,” AAA spokesperson Andrew Gross said in a statement. “Coupled with tepid demand and declining oil prices, this may help take the steam out of the tight supply price jolts we\u2019ve seen lately.”<\/p>\n

Regardless of gas prices, the costs of auto insurance can have a major impact on your overall driving costs. One way to reduce these expenses is by shopping for cheaper auto insurance to reduce your monthly premiums. Visit Credible to get your personalized quote in minutes.\u00a0<\/p>\n

CONSUMER GROWING LESS SATISFIED WITH THEIR AUTO INSURANCE: J.D. POWER<\/u><\/strong><\/p>\n

Gas price national averages at a glance<\/strong><\/h2>\n

While national average gas prices have increased by 11 cents since last Thursday, some states saw much more significant spikes in prices.\u00a0<\/p>\n

These 10 states saw the largest increases in their averages during that same time period, according to AAA.\u00a0\u00a0<\/p>\n