Although gas prices declined and demand weakened this week, the pace was slow. The speed at which prices are falling is being held up by the cost of oil, according to AAA.
The average price of gas dipped to $3.53 for the week ending October 26, a three-cent drop from the week prior, according to the latest report from AAA. Pump prices on average are 30 cents less than a month ago and 23 cents less than a year ago. Gas prices are continuing to fall at a sluggish pace due to elevated oil prices. The price of oil ticked up Wednesday as Israel readies for ground operations in Gaza.
If you are looking to reduce your car ownership costs you may find some savings by shopping for cheaper auto insurance premiums. Credible can help you compare multiple insurance quotes to find the best insurance rate for you. Rising inventories are contributing to the continuous fall in gas prices, according to a report from GasBuddy. Gasoline inventories are up 15.6 million barrels or 7.5% higher than a year ago and are 1% above the five-year average for this time of year.
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